In 2023, South Korean experienced a significant decline in its birth rate, posing a primary threat to not only economic expansion but also the stability of its social welfare system.
The continuing decrease in South Korea’s birth rate throughout 2023 can be attributed to the concerns of women in the country who fear that having children might hinder their career progression and impose a substantial financial burden associated with child-rearing.
Data from the Korean Statistical Office reveals a notable reduction in the country’s birth rate, dropping from 0.78 in 2022 to a historic low of 0.72 in 2023.
This figure is considerably below the critical threshold of 2.1 births required to maintain a balanced population and is notably distant from the 1.24 birth rate recorded in 2015.
Since 2018, South Korea has stood out as the sole member nation within the Organization for Economic Cooperation and Development (OECD) with a birth rate below 1. This is despite the government’s substantial investments, amounting to billions of dollars, aimed at reversing the downward population trend.
Gwak Tae-hee, a 34-year-old manager at a South Korean milk production company, married for three years, expresses, “I intend to have children, but I also don’t want to miss out on many career advancement opportunities.”
In the previous year, Gwak considered resorting to in vitro fertilization (IVF) for having a child but ultimately became engaged in projects geared towards enhancing career prospects.
Gwak shares, “I don’t know how it is elsewhere, but working only 2-3 days a week will make it difficult to get anywhere in Korean companies. I hope it’s not too late when I try to have a child next year or the year after.”
South Korea’s demographic predicament stands out as a predominant risk affecting both economic growth and the overall social welfare system, with the country’s population of 51 million facing the potential of halving by the close of the current century.
Previous predictions from South Korea had indicated the likelihood of the nation’s birth rate further decreasing to 0.68 by the year 2024. Seoul, the capital city, with the highest housing costs nationwide, recorded the lowest birth rate at 0.55 in the past year.
In South Korea, marriage is considered a prerequisite for having children, but the country is witnessing a decline in marriage rates as well.
This challenge of an aging population is not unique to South Korea, as neighboring Japan has also reported an ongoing decline in its birth rate for the eighth consecutive year, reaching a record low in 2023.
According to Reuters.
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