Adverse Development Amid Low Fertility


If South Korea does not reverse its accelerating birth-rate decline, the nation is poised to expertise damaging financial progress in 2050.

The nation’s complete fertility charge — the variety of kids, on common, {that a} lady aged 15-49 has throughout her lifetime — plunged to 0.81, the bottom stage among the many 35 Group for Financial Co-operation and Improvement (OECD) member international locations in 2021, in response to a report launched by the Financial institution of Korea (BOK).

Amongst 217 international locations and areas, together with the OECD member nations, Korea marked the second-lowest delivery charge after Hong Kong with 0.77, the BOK report mentioned.

Korea’s Projected Financial Decline and Inhabitants Dwindle

If the present tendencies proceed with no decision, Korea’s financial system will report damaging progress in 2050 and its total inhabitants will fall under 40 million in 2070 from the present 51 million, the report mentioned. The BOK mentioned the principle causes of the record-low delivery charge are robust competitors, difficulties in getting a job, excessive residential prices and rising considerations over little one security.

The central financial institution anticipated the delivery charge will rise as much as 0.845 if the federal government comes up with measures to decrease residence costs, ease city focus and lift employment charges amongst single younger individuals to the degrees of different OECD nations.

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Within the July-September interval, the nation’s fertility charge fell to a document quarterly low of 0.7, down 0.1 from a yr earlier, in response to Statistics Korea. It marked the bottom determine for any third-quarter readings because the company started compiling associated knowledge in 2009.

Supply: IANS



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