Photo credit: the Korea Herald
The GDP of South Korea could be lifted by 6 per cent if it welcomes 1 million skilled foreign graduates.
The Straits Times reports that new research emphasizes immigration as a possible answer to the country’s shrinking workforce.
The country’s Chamber of Commerce and Industry and a research team led by Korea University economics professor Kim Duk-pa released the findings on August 13. They analysed the economic effects of foreign talent using data from all 17 administrative regions of Korea between 2012 and 2023.
The study found that when the share of registered foreign university graduates in the economically active population rises by one percentage point, per capita gross regional domestic product increases by about 0.11 per cent.
The KCCI describes overseas recruitment as a way to address what it calls the nation’s “ABCD” challenges: adapting to artificial intelligence, reversing the low birth rate, improving competitiveness and help modernise the community.
