The International Monetary Fund(IMF) is warning about the economic challenges facing South Korea, including slowing productivity and thinning working age population.  

Tahsin Saadi Sedik, an Asia-Pacific senior economist at the IMF, issued the warning on Friday during a joint conference in Seoul with the Korea Institute for International Economic Policy(KIEP).

He advised the country to counter the challenges by encouraging women entrepreneurs and fostering innovative small and mid-sized enterprises.

The economist forecast the Asian region will show solid growth next year, but added it's uncertain that will continue beyond 2018.