South Korea’s fertility rate, which is already recognized as the world’s lowest, has reportedly dropped to a new record low in 2023, marking the fourth consecutive year of population decline.
Despite the government’s significant financial investments aimed at reversing the declining birth rate, the latest figures underscore the persistence of the issue.
Data from Statistics Korea revealed that the average number of expected babies for a South Korean woman during her reproductive life dropped from 0.78 in 2022 to an alarming 0.72.
Since 2018, South Korea has been the sole member of the Organization for Economic Co-Operation and Development (OECD) with a fertility rate below 1, indicating a serious demographic challenge.
The South Korean government has made addressing the falling birth rate, a national priority and in December, it pledged to introduce “extraordinary measures” to tackle the situation. However, these efforts seem to have fallen short as the fertility rate continues to decline.
As the nation prepares for elections in April, major political parties are acknowledging the urgency of the situation. Both parties have pledged to implement measures such as increased public housing and easier access to loans to counter the population decline, attempting to allay fears of “national extinction” given the crumbling fertility rates.
The declining fertility rates in South Korea are not only attributed to the challenges of childcare but also to the decreasing number of marriages in the country. High financial burdens have been cited as the primary reason for the decline in marriages, creating a significant obstacle to the nation’s efforts to boost its population.
South Korea is not isolated in grappling with a rapidly aging population; neighboring Japan and China are facing similar challenges. Japan recorded a fertility rate of 1.26 in 2022, a record low, while China reported 1.09, also marking a historic low.
The capital city, Seoul, faced an even more alarming situation, with its fertility rate plummeting to 0.55 last year. Projections for the future are equally disconcerting, as South Korea anticipates a further decline in the fertility rate to 0.68 in 2024, highlighting the severity of the demographic crisis the nation is currently confronting.
Chioma Kalu
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