South Korea’s Fertility Rate Plunges to Record Low in 2023
Challenges Faced by South Korean Women
South Korea’s fertility rate, already the world’s lowest, continued its dramatic decline in 2023. Women, concerned about their career advancement and the financial cost of raising children, decided to delay childbirth or not have babies.
Record Low Fertility Rate
The average number of expected babies for a South Korean woman during her reproductive life fell to a record low of 0.72 in 2023. This is far below the rate needed for a steady population and well behind previous years.
Gender Pay Gap
South Korea also faces the worst gender pay gap in the OECD, with women earning about two-thirds of men’s income. This disparity impacts women’s career growth and decision-making regarding childbirth.
Work-Life Balance Struggles
Many South Korean women, like Gwak Tae-hee, face dilemmas balancing career aspirations and family planning. Gwak, a junior manager, postponed starting IVF treatment to focus on work projects for better career prospects.
Demographic Crisis
South Korea’s demographic crisis poses a significant risk to economic growth and the social welfare system. The country’s population is projected to halve by the end of the century if fertility rates continue to decline.
Election Promises
Political parties in South Korea have vowed to address the declining birth rates through initiatives like public housing and easier loans to encourage childbirth. The focus is on preventing a “national extinction” due to plummeting fertility rates.
Regional Concerns
South Korea is not alone in facing demographic challenges. Neighboring countries like Japan and China also report record-low fertility rates, indicating a larger regional issue.
South Korea must address the root causes of declining fertility rates to ensure a sustainable future for its population.
