South Korea’s birth rate has fallen to an all-time low. The country’s government said this on Wednesday. Despite various initiatives to increase the birth rate, the birth rate in the country has fallen to a record level.
South Korea has one of the longest life expectancy in the world and the lowest birth rate.
The combination of these two has created this demographic challenge in South Korea. South Korea’s birth rate will drop to 0.72 percent in 2023, according to preliminary data from South Korea’s official statistics. Which is about eight percent less than the previous year. However, to maintain the current population of 5.1 million, 2.1 percent birth rate is required.
If the current reproduction rate continues, South Korea’s population will reach 26.8 million by 2100. In South Korea, 230,000 new babies will be born in 2023. This number is 19 thousand 200 less than the previous year. The South Korean government is spending tens of billions of dollars to encourage childbearing.
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Yet the number of babies born in 2023 is the lowest since 1970.
In this context, experts say, there are multiple reasons behind not having children. Notable among these are the high cost of raising children, rising property values ​​and the uncertainty of a well-paying job in a highly competitive society.
