The number of babies expected per woman fell to 0.78 in 2022, down from 0.81 in 2021. Read more at straitstimes.com.
SEOUL – South Korea’s fertility rate, the world’s lowest for years, has fallen again, aggravating the challenges of ageing demographics for the economy.
The lack of babies carries long-term risks for the economy by reducing the size of the workforce that underpins its growth and vitality. Welfare spending for an aging population also drains national coffers that could otherwise be utilized to promote businesses, research and other enterprises that are key to prosperity.
The number of newborns declined last year to 249,000 from 260,600 a year earlier, the statistics office said. That’s less than 5 per cent of the population. In contrast, about 373,000 people died last year, extending what one policymaker called a “death cross.”among economies with per capita gross domestic product of at least US$30,000 , according to United Nations projections and World Bank data. By 2100, the number of people is projected to fall by 53 per cent to 24 million.
The government has also adopted a policy of living with an aging population, after seeing its efforts bear little fruit. That includes enhancing living conditions for retirees, accelerating robot adoption and inviting more foreigners into the workforce.
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