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Housing in South Korea includes detached houses, apartment (unit of apartment, row houses, and private houses), studio apartments, and dormitories in non-residential buildings such as shopping malls and factories. While the occupancy rate of apartment houses is steadily rising, the occupancy rate of detached houses is steadily falling.
Seoul has three central business districts; the Downtown Seoul(CBD), Gangnam(GBD), and Yeouido(YBD). [12] The Downtown Seoul, which has 600 hundred years of history as unparalleled business district in entire Korea, is now a densely concentrated area around Gwanghwamun and Cheonggyecheon with headquarters of major companies, foreign financial institutions, largest news agencies and law firms.
In 2023, the Seoul Metropolitan Area's gross regional domestic product was US$ 1.0 trillion, generating around half of the country's total GDP. [2] It is the fourth-largest urban economy in the world after Tokyo, New York and Los Angeles but ahead of Paris and London. [ 9 ]
With scant immigration, South Korea’s total population is expected to drop from 51.75 million in 2024 to 36.22 million, a level not seen since 1977, according to Statistics Korea.
Seoul, [b] officially Seoul Special Metropolitan City, [c] is the capital and largest city of South Korea.The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, [8] emerged as the world's sixth largest metropolitan economy in 2022, trailing behind Paris, San Francisco, Los Angeles, Tokyo, and New York, and hosts more than half of South Korea's population.
The population of South Korea showed robust growth since the republic's establishment in 1948, and then dramatically slowed down with the effects of its economic growth. In the first official census, taken in 1949, the total population of South Korea was calculated at 20,188,641 people. The 1985 census total was 40,466,577.
Consequently, South Korea has seen the steepest decline in working age population among OECD nations; [277] the proportion of people aged 65 years and over is slated to reach over 20% by 2025 and close to 45% by 2050. [278]
Globalization in South Korea started after the Asian Economic Crisis. The economic crisis during 1997–1998 had created economic regression in Asia, including South Korea. South Korea had a high debt-equity ratio followed by low profitability due to inconsistency in corporate governance, which was the major obstacle.