Fertility declines around the world are intensifying at an unprecedented rate, causing widespread concern and discussion. James Pomeroy, Global Economist at HSBC London, in his client report Baby Birth Rates**: How Bad Will It Be? noted that this trend became particularly pronounced during the pandemic, and subsequent data showed that the downward trend has not eased.
Pomeroi revealed a continued decline in the total number of births in most countries in 2023 by collecting data directly from countries, rather than relying solely on official data collection agencies such as the United Nations. Although there may be nuances in the data, the information it collects reveals a reality that cannot be ignored: from the United States9% to more than 10% in the Czech Republic, Ireland and Poland, and a staggering 8 in South KoreaWith a 1% decline, the decline in global fertility has become a global problem that cannot be ignored.
In particular, South Korea, which has the lowest fertility rate in the world, has a declining fertility rate that indicates a possible depopulation crisis and has attracted urgent attention at the national level. From closing kindergartens to discussing whether the women's military service policy needs to be adjusted, South Korea is trying a variety of ways to address this challenge.
Pomeroy's analysis points out that declining fertility is not a problem unique to one country, but a global problem that can affect many countries, including the United States. Although the population of the United States is still growing, this is largely due to immigration. This highlights the fact that in addition to trying to increase the fertility rate in the country, increasing legal immigration is also a viable strategy to address the challenge of declining birthrate.
Although measures to increase fertility such as birth incentives and free childcare services have not achieved the desired results, the adjustment of immigration policies has provided new ideas for solving the problems of tight labor market and aging population structure. For rich countries in particular, how to effectively integrate new immigrants at the economic and social levels has become an important task.
Pomeroy's analysis also mentions the multiple effects of migration for both the receiving and sending countries, including improving entrepreneurial culture and addressing manpower shortages in specific industries. Such a strategy requires the support of public policies, especially investments in housing, education, and other social services, to ensure the smooth integration of new immigrants.
In the face of the challenge of a declining birthrate, it is necessary to adopt a diversified strategy. This involves not only direct measures to try to increase the fertility rate in the country, but also means of supplementing the domestic labour market through rational adjustment of immigration policies. In this way, it is possible to cope with long-term demographic changes while ensuring stable economic and social development.