‘At risk of extinction’: South Korea’s second city fears demographic disaster (FT/9 Feb 2025)

Financial Times reports that Busan, South Korea’s second-largest city, is experiencing a rapid population decline as young residents leave for Seoul, worsening an already severe demographic crisis. Once an industrial hub, Busan is now classified as “at risk of extinction” due to an aging population and a shrinking workforce. Despite proposals for regional visas and economic revitalization, experts warn that without broader structural reforms, migration to Seoul will continue, deepening South Korea’s demographic challenges.