South Korea's Demographic Crisis

Population decline in South Korea

South Korea's low birth rate is a severe population issue that has long been a problem for the nation. South Korea is said to have the lowest rate of births in the world.

South Korea's birth rate has been dropping continuously since the 1970s and is now one of the lowest in the world with an average of 0.84 children per woman in 2020.
The shrinking population of South Korea represents a number of threats to the nation's economy, social security system, and national security.

There are a number of factors that have seen South Korea's birth rate remain low.
One of the primary reasons is the expensive cost of living, especially in cities, which discourages many couples from being able to afford to have a family. Also, many young South Koreans are postponing marriage and childbearing to pursue their careers, which can also be a factor in the low birth rate.

Another reason is social and cultural mores in South Korea, which put a high premium on education and professional achievement, frequently at the cost of family life. There is also a belief that children can be a drain on women's careers, which dissuades some couples from having children.

Based on the United Nations' medium variant projection, the population of South Korea in 2050 is estimated to be approximately 42 million. This estimate holds that the fertility rate will recover from the now very low rates but will still be below the replacement rate of 2.1 children per female. The estimate further holds that there will be a reduction in the mortality rate at a gradual rate, and the net migration rate will be zero.

The government has made policies to promote childbirth and immigration.

Some examples of government policies on encouraging birth rate are:

•Financial incentives

The government provides cash rewards and other financial benefits to families who have children. For instance, families get a one-time payment when a child is born, and parents can get tax credits and other benefits for every child they have.

•Childcare support

The government has increased access to child care services and raised subsidies for child care expenses to make it simpler for families to combine work and family life.

•Parental leave

The government has extended the duration of parental leave and established a "flexible work hour" system so that parents can modify their working hours to accommodate their child care requirements better.

•Education support

The government has raised spending on education and introduced policies aimed at easing the financial burden of education expenses for families. For instance, the government offers free school lunches and textbooks, and reduced the expense of college fees.

•Support for housing

The government has come up with policies to increase the affordability of housing for families, such as subsidies for the purchase of homes and rental support. 

The policy of the government in South Korea has been aimed at boosting the birth rate by supporting families with economic and social support, along with mitigating the economic and cultural factors contributing to the low birth rate. Nevertheless, whether the policies will work and contribute to boosting the birth rate has been under discussion and ongoing study.