South Korea’s already lowest-in-the-world fertility rate continued its decline in 2023, reaching a record low of 0.72 babies per woman, amid concerns among women over career advancement and the financial burdens of raising children, Reuters reports.
Despite efforts to reverse the trend, including significant government spending, South Korea has struggled to increase its birth rate, which has remained below the replacement level of 2.1 births per woman.
Gender inequality in the workplace, particularly the burden of childcare falling primarily on women, exacerbates the issue. Many women delay childbirth to focus on their careers, fearing that having children will hinder their professional advancement.
The demographic crisis is a major concern for South Korea’s economic growth and social welfare system, with the population projected to halve by the end of the century. Political parties are promising measures such as public housing and easier loans to encourage childbirth, but marriages are also declining.
