3rd Quarter Fertility Rate in South Korea at Record Low

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In an alarming demographic trend, South Korea’s total fertility rate has plummeted to a record low of 0.7 during the third quarter of this year, according to the latest data released by Statistics Korea. This marks the lowest-ever rate recorded for a third quarter, intensifying concerns about the country’s ageing population and shrinking workforce.

The Unprecedented Decline:

Statistics Korea’s data reveals a stark drop in the fertility rate, which measures the average number of children a woman is expected to give birth to in her lifetime. The rate of 0.7 is not only a decrease from last year’s third-quarter figure of 0.8 but also ties with the record lows of previous quarters. This persistent downward trend indicates a significant demographic shift in South Korea.

Regional Variations:

The fertility crisis is evident across all 17 cities and provinces in the country, with Seoul recording the lowest rate at 0.54 children per woman. In contrast, South Jeolla Province has the highest rate at 0.96, yet still below the replacement level 2.1 required for a stable population.

Births and Deaths:

The number of births in the third quarter stood at 56,794, a decrease of 11.5 per cent compared to last year. Meanwhile, deaths have risen to 87,143, leading to a natural reduction in the population of 9,657 people during this period. This trend has continued since November 2019, with the population declining for 47 consecutive months.

A Looming Fourth Quarter Decline:

Analysts express concern that the fertility rate could further decline in the fourth quarter, traditionally a period with fewer births. The rate may dip into the 0.6 range, exacerbating the nation’s demographic challenges.

Bottomline:

The record low fertility rate in South Korea poses significant challenges for the nation’s future, made worse by the ever unaffordable homes in Seoul and a bad labor market for young South Koreans. This trend calls for urgent policy interventions and societal changes to address the deepening demographic crisis.

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