South Korea Still Becomes the World-lowest Fertility Rate
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Beyond the strains on the medical system, low fertility is also threatening South Korea’s economic prosperity and dynamism in the long term by shrinking its workforce and slowing consumption.
Bank of Korea Governor Rhee Chang-yong has said that the low proportion of births is already starting to weigh on growth potential, while warning against Japan-style fiscal and monetary stimulus to combat the challenges of an aging economy.
Fewer babies also mean fewer South Korean soldiers, casting a long shadow over national security in a country that faces the threat of provocations from North Korean leader Kim Jong Un’s 1.2 million-strong
Ilustrasi masyarakat Korea Selatan.
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army
Tech University of Korea’s Shin warned against following Japan’s example of focusing on the needs of seniors. He described South Korea’s neighbor as a “silver democracy.”
“Politicians will naturally lean toward older people that are bigger in numbers, concentrating support on them and shattering a virtuous economic cycle that invests more in the education of next generations for greater productivity,” he said.
Japanese government data released this week showed the number of babies sliding to a new record low last year.
Policymakers in both countries have yet to find effective measures for turning around population decline without resorting to more pro-active immigration policies.
Diverse factors are blamed for the reluctance among South Koreans to have kids. They range from skyhigh housing costs to the expensive and highly competitive environment for children’s education.
Increasing gender tensions are another reason regularly highlighted.
In 2022 marriages fell to a new low. While some 192,500 couples tied the knot, that was down 42% from decade earlier, according to Statistics Korea.
When couples do get married, they fear unfavorable consequences if they take time off work to look after their children.
South Korea has the smallest share of parents going on leave for children in the developed world, according to a Korea National Assembly Research Service study.
