The world’s lowest fertility rate, which South Korea once again attained, has fallen to a new low.
For the first time, the country’s rate decreased to below one child per woman in 2018.
But according to information released by the government on Wednesday, the number had dropped to 0.81, a three-point drop from the previous year and the sixth straight reduction.
In contrast, the most developed countries have 1.6 children on average per woman.
Without immigration, nations need to have 2.1 babies for every marriage in order to keep their population level.
The OECD (Organisation for Economic Co-operation and Development) reports that over the previous 60 years, fertility rates have “markedly dropped.”
The trend has been particularly apparent in South Korea, where family sizes have decreased over a few generations. Women began to typically have four children in the 1970s.
A declining population can put a great deal of burden on a nation’s economy.
A shrinking youth population also produces employment shortages that have an influence on the economy, in addition to a higher burden on public spending as demand for healthcare and retirement rises.
In 2020, South Korea saw its first instance of death the birth ratio which raised serious concerns.
Experts claim that people now prioritise monetary limitations and career considerations when making decisions about having children.
The consequences of the COVID pandemic, higher living expenses, and rising housing prices would all discourage couples from starting babies in 2021, according to analysts.
There won’t be enough people in South Korea to sustain its ageing population, grow its economy, and join its military if the country’s population continues to decline.
Although they have known about it for years, politicians haven’t done much to stop it. They have attempted to convince people to have children for billions of dollars, and they are still perplexed as to why it hasn’t worked.
Money is obviously crucial. The cost of raising a family is high in South Korea, and many young people struggle to pay for their housing. Opportunity, however, also has an impact on this.
