Yoon Suk Yeol, the president of South Korea, announced on Thursday that a new ministry would be established to address the nation’s now lowest birthrate in the world, which could lead to a potential demographic crisis.
In a live address to the nation, he demanded the legislature’s support for the creation of a government of low birth rate counterplanning.
Despite investing billions of dollars in initiatives to encourage higher birth rates and maintain community balance, South Korea’s beginning price dropped to a historically low levels next year, according to official data.
The nation faces a major socioeconomic challenge because of its longest life expectancy and lowest birth rates.
According to preliminary statistics from Statistics Korea in February, the fertility rate of South Korea decreased to 0.72 in 2023 from the previous year, which is the number of children expected to be born to a girl in her life.
This is considerably lower than the 2.1 children needed to support the country’s current 51 million people. At this rate, the population is projected to nearly three by the year 2100, according to researchers ‘ quotes.
South Korea has the OECD’s lowest delivery charge of 0.72, with the OECD’s highest average age of 33.6 for births.
The government has spent considerable amounts to inspire more children, which includes cash grants, babysitting service, and support for fertility treatment.
However, the price of birth has been constantly decreasing over time.
Before his first press conference in about two years following his party’s major defeat in the general elections last month, Yoon made a remark about the birth rate ministry.
( With inputs from agencies )
