South Korea: Birth rate hits record low in Q1 2024
South Korea: Birth rate hits record low in Q1 2024
According to Statistics Korea, South Korea's fertility rate reached a new low in the first quarter of the year, with the number of babies born in March setting another record low.
By the numbers
19,669 babies were born in March, down 7.3% from a year earlier, marking the lowest for March since 1981.
The number of deaths increased by 7.6% to 31,160, resulting in a natural population decline of 11,491.
The fertility rate for the January-March period was 0.76, down 0.06 from a year earlier, and far below the 2.1 births per woman needed to maintain a stable population.
The number of babies born over the first quarter was 60,474, down 6.2% year-on-year.
The big picture: South Korea faces severe demographic challenges as more young people postpone or forego marriage and having children due to changing social norms, lifestyles, high home prices, a tough job market, and an economic slowdown.
The number of married couples fell 5.5% year-on-year to 17,198, while those getting divorced decreased by 9.8% to 7,450.
The population is expected to drop in nearly all regions by 2052, except for Gyeonggi Province and the central city of Sejong.
The number of South Koreans aged 14 and below is projected to plunge from 5.95 million in 2022 (11.5% of the total population) to 3.61 million (7.8%) in 2052.
In contrast, the number of individuals aged 65 and above is expected to reach 18.86 million (40.8%) by 2052.
Bottomline
South Korea's record-low birth rates and aging population pose significant challenges for the country's future economic growth and social welfare systems.