Considering the differences in speed of population aging across the various regions in Korea, this paper explores the trend of aging and its’ economic impacts and analyzes its’cause with a focus on Gwangju and Jeollanam-do where population aging is progressing at the fastest rate. Unlike in the previous literatures, this article extends the dimension of research into base local governments(BLGs) that are highly likely to face risks to sustainability from rapid population aging. The main results are as follows. First, the rapid population aging in Jeollanam-do is result of the high percentage of primary industries and growing youth population outflow. Second, based on the forecast shares of the elderly (ratio of those 65 years old and above to total population) in the BLG areas in Gwangju and Jeollanam-do in 2040, 14 out of 27 BLGs will likely to be threatened with the result that population aging will cause the foundation of industry and the public finance to weaken. Preemptive countermeasures to minimize the negative impacts of aging on the economy are thus urgently needed. Here, we propose reform of the industry structure, revitalization of the population in their middle and old ages and recruitment of highly educated young people as a Three R’s strategy for policy.