South Korea Records Low Birth Rate, High Cost of Living May Be One of the Key Factors

South Korea, known for its cultural values, dramas and music, is dealing with significant population challenges, mirroring a global trend seen in neighboring Japan. Recently, South Korea reported a drop in its fertility rate, reaching 0.72 in 2023, a nearly eight percent decline from the previous year. This rate is well below the 2.1 children needed to maintain the current population of 51 million, and if the trend persists, experts estimate the population could nearly halve by the year 2100.

The South Korean government has made substantial efforts to address the declining birth rate by providing incentives such as cash subsidies, babysitting services, and support for infertility treatment. Despite these initiatives, the birth rate continues to decrease. The current situation marks the lowest point in terms of the number of newborns, birth rates, and crude birth rates (newborns per 1,000 people) since data collection began in 1970.

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Lim Young-il, head of the Population Census Division at Statistics Korea, highlighted that South Korea's 0.72 birth rate is the lowest among OECD nations. Additionally, the average age for giving birth in South Korea is 33.6, the highest in the OECD. The challenges posed by a rapidly aging population and declining birth rates are not unique to South Korea and are a global concern with broader socio-economic implications.

Reason of Declining birth rate 

The decline in birth rates in South Korea is influenced by several factors, such as the high costs of raising children, fierce competition for well-paying jobs, and the challenges faced by working mothers in juggling household responsibilities and careers. The inflexible corporate culture in the country is also a significant deterrent for individuals contemplating parenthood. This issue is not unique to South Korea, as many developed nations grapple with declining birth rates.

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Japan is experiencing a similar situation, with the number of births reaching a new low in 2023, surpassing deaths by more than twice. The country, dealing with an aging population and labor shortages, is implementing policies, including financial support for families, better childcare access, and increased parental leave, to address these challenges. Lawmakers emphasize that the low birth rate poses a threat to the nation, potentially impacting the economy and social security if not addressed.