South Korea recorded the world’s lowest fertility rate in 2021.
rate is a measure of the number of children a woman would give birth to “if she were to live to the end of her childbearing years,” according to the World Bank.
South Korea’s fertility rate was the lowest among all 38 members of the Organization for Economic Co-operation and Development in both 2021 and 2020. “In most OECD countries, the total fertility rate sits at somewhere between 1.3 and 1.9 children per woman, but in 2020 the TFR was as low as 0.84 in Korea,” the intergovernmental organizationThe OECD largely consists of developed countries with high-income economies, such as South Korea. Seoul’s latest fertility data has cast a shadow over South Korea’s ability to maintain its status as a global economic leader, as a contracting population translates to a shrinking workforce.
“A shrinking workforce is a major factor in the decline of Korea’s potential [economic] growth rate,” Bloomberg noted on Tuesday. “The working-age population peaked at 37.3 million in 2020 and is set to fall by almost half by 2070, according to Statistics Korea.”on April 21 that South Korea’s economy faces a long-term risk of “secular stagnation,” or little to no economic growth, due to the country’s aging population, which would not be conducive to workforce productivity.
“He said rising welfare spending would take away from the finance needed to boost economic growth, a key goal set out by [South Korean President] Yoon [Suk-yeol] in his inauguration pledges,” Bloomberg recalled on August 23.
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