[Insight & Opinion] Let's Create a Regional Renaissance Led by the Baby Boomer Generation

Local Governments Must Build Environments to Attract Baby Boomers
Catching Both Regional Extinction and Aging
Baby Boomers Will Serve as a Linchpin in Solving Social Issues

South Korea is a country that has achieved a miracle. In just 60 years, it has successfully undergone industrialization, democratization, informatization, and globalization, becoming an economic powerhouse. Recently, with the spread of various K-cultures, it has emerged as an attractive country on the global stage.

In contrast, there are numerous social challenges that need to be addressed internally. Low birth rates, aging population, regional extinction, education, jobs, conflicts, and confrontations... none of these are easy. However, with a long-term perspective, if we set clear directions and goals and consistently pursue effective strategies, we believe we can achieve another miracle just as we did with our previous economic miracle. That is the potential South Korea possesses.

Let’s take regional extinction and aging as examples. Currently, overcoming low birth rates is the top issue in our society, but equally significant problems are aging and regional extinction.

South Korea is experiencing the fastest aging population in the world. The average lifespan and the proportion of elderly people continue to increase, and elderly poverty is also a serious issue. Medical expenses for those aged 65 and older, who make up 20% of the population, account for nearly 50% of total medical costs. Following the retirement of 7.2 million first baby boomers (born 1955-1963), the retirement of 9.5 million second baby boomers (born 1964-1974) has also begun in earnest. Although they are expected to live about 40 years after retirement, their situation in terms of health, income, and socio-economic activities is challenging.

Along with aging, addressing regional extinction is a long-standing task for our society. South Korea has the most severe concentration in the metropolitan area in the world. The metropolitan area, which accounts for 11.8% of the national land area, is home to 26 million people, or 51% of the total population. In contrast, the regions face the dual hardships of extinction risk and ultra-aging.

Just as drastic measures are being taken, including the establishment of the Population Strategy Planning Department, to overcome low birth rates, special measures different from the past are also needed to address regional extinction and aging. One such measure could be policies for a regional renaissance era led by the first and second baby boomers.

Baby boomers share many positive traits. They have abundant work experience, are healthy, well-educated, still want to work, and enjoy cultural and artistic activities. Let all local governments nationwide unite to actively create environments that meet these characteristics and desires of the baby boomers and attract them to the regions.

South Korea’s regions, wherever you go, have beautiful and pleasant natural environments. Regions already have the optimal environment for healthy living. It would be ideal to put more effort into expanding medical facilities, including increasing university hospitals.

Let’s completely reform the role of regional universities nationwide. Beyond the current university functions focused on youth and degree acquisition, let’s significantly strengthen their role in lifelong education for adults. Such activities could become a new lifeline for revitalizing regional universities. To activate the regions, let’s designate regions and regional universities as regulatory-free zones for a certain period. Through this, let’s bring innovation in education, hospitals, culture and arts, and residential environments to the regions.

Through this process, if the environment is prepared in the regions, I believe baby boomers will play a linchpin role in solving social problems. Let’s create a regional renaissance era led by the baby boomers. This will simultaneously solve the two major problems of regional extinction and aging. It could also bring about the revival of regional universities. It’s like catching three rabbits at once.

Kim Hyun-gon, Director of the National Assembly Future Institute