 "South Korea's fertility rate, which is world's lowest, drops to fresh low")
South Korea's fertility rate, which holds the record for being the lowest in the world, declined further in 2023 to 0.72 babies per woman in a lifetime, data showed on Wednesday. The figure stood at 0.78 in 2022, according to South Korea's national statistics office.
The total number of births in the country stood at only 230,000, a 7.7 per cent decrease and another new low for the country, which has a population of about 50 million people.
The fertility rate in a specific year is defined as the number of children born to each woman in her lifetime.
Among other factors, the decline in the birth rate is being attributed to South Korean women's decision not to have babies, citing the cost of living and damage to career opportunities.
Required fertility rate in South Korea is 2.1
The fertility rate data of 0.72 is far behind the required rate of 2.1 per woman, which is needed to maintain a steady population growth. The decline trend was recorded for the fourth consecutive year in 2023, making South Korea the only Organisation for Economic Co-Operation and Development (OECD) member with a birth rate of below 1 per cent.
South Korea's population estimated to halve by end of 21st century
With the ongoing rate, South Korea faces a major population crisis, which is estimated to halve by the end of this century, according to the experts.
Among all cities, the country's capital, Seoul, had the lowest fertility rate of just 0.55 per cent in 2023, data showed.
The development followed despite the efforts made by the country to reverse its fertility rate by spending about 360 trillion won ($270 billion) in areas such as childcare subsidies since 2006. It also introduced a universal childcare system in 2013 and has started importing domestic workers from foreign nations in a bid to ease household work and childcare responsibilities to encourage parents to have more babies.