South Korea’s birth rate has fallen to an all-time low, despite billions of dollars being spent by the government to encourage women to have more children. In response, President Yoon Seok-yeol announced the creation of a new ministry to address the issue.
“I am asking the National Assembly to reorganize the government to formulate measures to address the low birth rate,” President Yoon said in a live address to the nation on Thursday, part of a measure to address the population crisis South Korea is facing due to its low birth rate and rapid aging population.
South Korea has the world’s longest life expectancy and lowest birth rate, and this situation foreshadows increasingly serious demographic challenges. According to preliminary data from Statistics Korea for 2023, South Korea’s total fertility rate will be 0.72, down nearly 8 percent from 2022. This is far below the 2.1 needed to maintain the current population of 51 million. Experts predict that if this trend continues, the population will be reduced by almost half by 2100.
South Korea, which has the lowest birth rate among OECD countries, also has the oldest average age of first childbirth in the OECD, at 33.6 years. The government has spent a huge amount of money to encourage childbirth, including cash support, childcare services, and infertility treatment support, but the birth rate continues to decline.
President Yoon’s remarks on establishing a ministry to address the birth rate came at his first press conference in nearly two years after his party suffered a crushing defeat in last month’s general election.
