Latest News

South Korea’s birthrate is so low, the president wants to create a ministry to tackle it

South Korea’s leader on Thursday said he plans to create a new government ministry to tackle the “national emergency” of the country’s infamously low birth rate as it grapples with a deepening demographic crisis.

In a televised address, President Yoon Suk Yeol said he would ask for parliament’s cooperation to establish the Ministry of Low Birth Rate Counter-planning.

“We will mobilize all of the nation’s capabilities to overcome the low birth rate, which can be considered a national emergency,” he said.

Speaking later in his first news conference since August 2022, held to mark two years in office, Yoon admitted his administration had fallen short in its efforts to improve people’s lives. He pledged to use the next three years of his term to improve the economy and address low births.

South Korea has the world’s lowest fertility rate, which indicates the average number of children a woman will have in her lifetime. It recorded a rate of just 0.72 in 2023 – down from 0.78 the previous year, the latest drop in a long string of yearly declines.

Countries need a fertility rate of 2.1 to maintain a stable population, in the absence of immigration.

The data underscores the demographic time bomb that South Korea and other East Asian nations are facing as their societies rapidly age just a few decades after their rapid industrialization.

Many European nations also face aging populations, but the speed and impact of that change is mitigated by immigration. Countries like South Korea, Japan and China, however, have shied away from mass immigration to tackle the decline in their working age populations.

Experts say the reasons for these demographic shifts across the region include demanding work cultures, stagnating wages, rising costs of living, changing attitudes toward marriage and gender equality, and rising disillusionment among younger generations.

But despite the economic factors at play, throwing money at the problem has proved ineffective. In 2022, Yoon admitted that more than $200 billion has been spent trying to boost the population over the past 16 years.

Initiatives like extending paid paternity leave, offering monetary “baby vouchers” to new parents, and social campaigns encouraging men to contribute to childcare and housework, have so far failed to reverse the trend.

Experts and residents have instead pointed to some deeper-rooted social issues – for instance, stigma against single parents, discrimination against non-traditional partnerships, and barriers for same-sex couples.

The Japanese government has tried a similar playbook to encourage couples to have children, to no avail – prompting the country’s leader to take urgent action in recent years.

In January 2023, Japanese Prime Minister Fumio Kishida warned that Japan was “on the brink of not being able to maintain social functions” due to the falling birth rate, and announced plans for a new government agency to focus on the issue.

That body, the Child and Families Agency, launched a few months later – intended to tackle a host of issues, from improving children’s health and welfare to supporting families and parents, according to its website.

These measures, ranging from boosting childcare services and providing places for children to play and live, aim to “overcome the declining birthrate” and create a society where people “feel hopeful about getting married, having children, and raising them,” the website says.

This post appeared first on cnn.com

You May Also Like

Stock

In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

Stock

Major equity indexes rose on Friday after a selloff that hit the Technology sector especially hard. But this doesn’t necessarily mean that everything is...

Latest News

President Joe Biden travels to Triangle, Virginia, Monday to mark Earth Day, where he’ll unveil $7 billion in grant funding for solar power under...

Latest News

Britain’s Prince and Princess of Wales have released a new photo of Prince Louis to mark his sixth birthday on Tuesday, the first image...

Disclaimer: Dealwithbiz.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Dealwithbiz.com