South Korea’s fertility rate hit a record low in 2023, fuelling fears of “national extinction” as politicians scramble for solutions to reverse the population decline.
The average number of expected babies for a South Korean woman dropped to 0.72 from 0.78 in 2022, according to data from Statistics Korea on Wednesday.
The downward trend has continued year after year despite some $207 billion (£164 billion) in government spending such as childcare subsidies since 2006 to boost the number of newborns in a country that already suffers the lowest fertility in the world.
Projections that it could nosedive further to 0.68 this year have stoked concern of a demographic time bomb that represents the biggest risk to South Korea’s economy, social welfare and health systems, as well as reducing the size of its defence forces capable of facing a hostile North.
The country’s population of 51 million is currently on track to halve by the end of this century.
Other countries face fertility ‘crisis’
South Korea is not alone in East Asia as a nation struggling with the impact of an ageing population.
The number of babies born in neighbouring Japan fell for an eighth straight year in 2023 to 1.26, government data revealed on Tuesday, underscoring the depopulation challenge.
In view of the potential strain on public finances, Fumio Kishida, the prime minister, has called the downturn the “gravest crisis our country faces”, and last year unveiled a series of measures to support young families.
China’s population is also shrinking, falling by two million last year through a combination of the highest level of deaths in half a century, at 11.1 million, and a record low birth rate of 9.02 million.
Negative population growth has prompted some policy makers in the socially conservative nation to suggest allowing egg freezing for single women. Currently, fertility treatments are only available to married couples.
This ban also exists in South Korea, where prevailing traditional family values are also cited as a major reason why highly educated young women do not want to jeopardise their career prospects by being forced to stay at home after giving birth.
The high cost of housing and raising a family are also factors influencing young couples’ decisions to delay having children or to remain childless. Marriages are also in decline.
Birth incentives
The harmful impact on the economy and size of the national workforce has prompted some major companies to offer generous birth-incentives programmes.
Underwear maker Ssangbangwool announced last week that it would provide up to $75,000 (£59,000) to employees who are expecting babies, the Korea Herald reported. It also said it would offer financial support to employees who need in vitro fertilisation.
“A low birth rate is an important task for our society to overcome. The company will take responsibility and put all-out efforts to help the country increase the fertility rate,” an official from Ssangbangwool said.
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