This chapter examines the critical decline in South Korea's birth rate, which has plummeted to a record low of 0.72 in 2023. It highlights the implications for the country's demographics and labor market, despite extensive government efforts to improve the situation through substantial financial investment in child support programs.
South Korea has the world's lowest fertility rate, which indicates the average number of children a woman will have in her lifetime. It recorded a rate of just 0.72 in 2023 – down from 0.78 the previous year, the latest drop in a long string of yearly declines. The country as it stands is on track to disappear
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