During the past few years, South Korea has experienced a boom in economic expansion as the country has been within the top 5 Asiatic countries with the largest nominal GDP and 13th in the world. However, despite growing economic success in the fourth largest Asiatic country, death has exceeded the number of births for the third year in a row (2020-22). There was a significant decrease in the country's birth rate, as it fell 4.4% in just one year--an alarming statistic to be considered by the future generations of South Koreans.
The overall high cost of raising children in the capital city of Seoul (where most South Koreans aspire to live), poor job opportunities amid a worldwide economic slowdown, significantly rising real estate prices, and some women prioritizing their "personal freedom" over marriage and starting a family--are all reasons that have been causing the declining birth rate.
Although the South Korean government has been implementing initiatives to encourage an increase in birth rates, such as cash handouts and assistance with fertility treatments/medical expenses, they have not been enough to account for very high living costs and the changing attitudes towards gender roles and work-life balance. In addition, the government is seeking to loosen regulations on migrant labor to tackle an even more significant population decline in the long-run.
https://www.theguardian.com/world/2023/feb/22/south-koreas-birthrate-sinks-to-fresh-record-low-as-population-crisis-deepens
This is a very interesting topic and it is clear that affording to have a child is a serious issue. I think this issue even carries over to places like the United States. Having children can be pricey and in an economy like South Korea it can even be hard to provide for yourself at times.
ReplyDeleteIt is sad to see how difficult it can be for other countries (and sometimes the US) to raise children. I wonder if in the future the lack of children will cause a labor shortage or other economic effects.
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