South Korea, already having the world’s lowest fertility rate, experienced yet another decline in 2023.

For the first time ever in history, the total fertility rate fell to 0.65 in the fourth quarter of last year.

The number of babies expected per woman in a lifetime in South Korea dropped from 0.78 in 2022 to 0.72 in the following year.

In Seoul, the capital and the largest city of the country, the fertility rate is only 0.55.

The number of births is expected to decrease further this year, and it is anticipated that South Korea will become the first country in the world to have an annual fertility rate lower than 0.7.

The fertility rate is much lower than the rate of 2.1 per woman that would be needed to stabilize the South Korean population.

Fewer working people are left to support the growing number of elders.

This never-before-seen economic crisis is speeding up the aging of South Korean society, generating various challenges.

The declining fertility rate is a result of a complex interplay of numerous intertwined factors.

A significant deterrent is the exorbitant cost of living, especially in Seoul.

The skyrocketing housing prices make it financially difficult for young couples to secure a stable residence.

Furthermore, an annual study by the Beijing-based YuWa Population Research Institute shows that South Korea is the most expensive country to raise a child until the age of 18.

A large sum of childcare expenditure is for the private education expenses beyond regular public education.

South Korea places a high value on academic success, which leads to an extremely competitive environment for childrens’ education.

Many families invest extensively in private academies for the sake of their child’s education.

A study in 2022 from the Korean Educational Development Institute shows that only 2% of parents did not pay for private tuition, while 94% said it was financially burdening.

Moreover, South Korea has the largest gender pay gap among the Organization for Economic Cooperation and Development (OECD) member nations.

Gender inequality persists, and women often face challenges in their workplace, especially if they choose to have children.

Women find it hard to maintain job security and wages after coming back from childcare.

Balancing career and childcare responsibilities is challenging, with societal expectations predominantly placing childcare and household duties on women.

If the fertility rate continues to drop, South Korea’s population, standing at approximately 51.7 million, is anticipated to be halved by the year 2100.

The government is taking policy measures to increase the birth rate, such as raising the maximum monthly childcare leave pay to 4.5 million won.

Nevertheless, there are criticisms that these efforts may be insufficient to reverse the sharply declining birth rate.

Low birth rate and aging pose a serious threat not only to the labor market and national finances, but also to society as a whole, including education, national defense, and medical care.

Addressing this multifaceted issue requires comprehensive and sustained efforts to ensure a sustainable and thriving future for South Korea.

Chaemin Lee 

Grade 10

Saint Paul Academy Daechi