South Korea expects its record-low fertility rate to hit new lows year after year in the coming years, further exacerbating demographic challenges.
According to Statistics Korea, South Korea's total fertility rate fell to 07, setting a record for a single season. As the country with the lowest fertility rate in the world, South Korea is trying to reverse the situation, but the demographic crisis is deepening.
The expected number of births per woman this year is likely to continue to decline until the end of 2025 and is expected to reach 0., Statistics Korea said in its latest demographic update**65。As of 2022, South Korea's fertility rate is 078, the lowest in the world.
These depict a bleaker demographic trend in South Korea than it did two years ago, when the authorities' fertility rate was set to be 0 in 20247 bottoms out, and then it will rise again.
A low fertility rate could lead to a shrinking labor force and a slowdown in consumption, undermining South Korea's economic outlook.
Earlier this month, South Korea's finance minister candidate, Choi Sang-mo, likened the dangers of South Korea's demographics to the iceberg that led to the sinking of the Titanic, saying it was too late to reverse the trend through fertility alone.
So far, the focus has been on the birth rate. Measures taken to encourage childbirth include a twofold increase in monthly allowances and a reduction in mortgage rates for parents of new children. Policymakers are now looking for ways to cope with an aging society, facing the reality that it will take decades to reverse demographic trends.
According to Statistics Korea's latest** show, the population will reach 36.2 million in 2072, down 30% from the current 51.7 million. However, the fertility rate is likely to pick up slightly to 0 in 202668。The population is expected to decline year by year starting in 2025.
There are many reasons why Koreans are reluctant to have children, ranging from the high cost of housing to the competitive environment for their children's education. Growing gender tensions are another reason that is often highlighted.
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