Since the mid-2000s, South Korea's private consumption and investment had been growing at a slower pace than its exports.

The nation's consumer spending and investment expanded in the 4 percent range between 2007 and 2016, while the average growth rate of its overseas shipments came to slightly over 6 percent.

The ratio is feared to fall further down the road amid the country's low birthrate and rapid population aging, which will lead to decreased consumption.

"South Korea finds it difficult to create an economic virtuous circle because of structural problems, such as the low birthrate and population aging," the office said. "It is necessary to make efforts to boost the economy's productivity and thus expand its supply capacity."

South Korea has been gripped by fast population aging. It is tipped to become an aged society in 2017, with the ratio of people aged 65 and older hitting 14 percent of its 50 million population. It is forecast to become a super-aged society in 2026, with the figure above 20 percent. The country also has one of the lowest birthrates among the OECD members. (Yonhap)