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South Korea is facing a demographic crisis with the world's lowest fertility rate, a troubling 0.72. This decline has prompted significant government intervention, including the establishment of a new ministry. Cultural and economic factors, alongside historical struggles from the Japanese occupation, are explored. The podcast also discusses post-war demographic transformations, financial pressures, and innovative solutions like hiring foreign housekeepers to combat the crisis. The ramifications for East Asia are profound as the nation grapples with these urgent challenges.
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- South Korea's fertility rate has plummeted to 0.72, drastically lower than the global developed nations average of 1.58.
- President Yoon Suk-yeol's administration is establishing a Ministry of Low Birth Rate Counterplanning to combat this demographic crisis.
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Dramatic Decline in Birth Rates
South Korea is experiencing a significant decline in its birth rate, reaching an unprecedented low of 0.72 in 2023. This figure starkly contrasts with the global average for developed nations, which stands at approximately 1.58. The country faces a projected population drop to just 24 million by 2100, highlighting a demographic crisis that threatens its labor market and economic stability. Despite substantial government investments exceeding $200 billion since 2006, initiatives aimed at reversing this trend have failed to yield the desired effects.
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