Seoul, Jan 31 (IANS): The number of young employed South Koreans is forecast to shrink to 42.5 per cent of the 2021 level by 2050, a report showedon Monday, renewing concerns that the fast-aging demographic transition could pose a drag on the country's economy.

According to the recent report by the National Assembly Budget Office, 1.64 million young adults -- those aged between 15 and 29 -- are predicted to be employed in 2050, compared with 3.87 million last year, reports Yonhap News Agency.

In contrast, the number of employed people aged 65 and older is forecast to jump to 5.86 million in 2050 from 2.99 million in 2021.

The report said the pace of a decline in the number of total employed people will likely slow over the next three decades if more elderly people join the job market.

To cope with a situation where more elderly people join the job market, the report urged the government to make efforts to increase productivity of elderly workers.

Separately, Statistics Korea has predicted that the nation's population would peak in 2028 before going on a downward curve.

However, the graying of Korea will accelerate, with the number of elderly people rising to 12.98 million in 2030 and 17.22 million in 2040.

By 2050, the number of elderly people could account for 43.9 percent of the country's population

Last year, the number of people aged 65 and older stood at 8.53 million.