Wednesday, November 13, 2019

Talk about Korea's low birthrate.

The birthrate in Korea last year was the lowest ever. The birthrate was 0.98, the lowest number since birthrates were first recorded in 1970. This means that the average number of babies a woman will have during her childbearing period (15~49 years old) is not even 1. In all the world, Korea is the only country with a birthrate below 1. The general consensus is that the total fertility rate must be 2.1 to maintain a population. The reality is that Korea falls below even half that number. The average birthrate for OECD countries is 1.68. Korea is dead last among member nations.

Talk about the impact of a low birthrate.

Korea's low birthrate looms large as a future problem in the country. Korea's population will start to decline sooner rather than later. It was predicted that Korea's population would begin decreasing in 2028. But the birthrate is in a freefall, and the population is likely to start shrinking even sooner. The problem is that this could shake our economy and society to the core. The smaller working age population will reduce economic vitality. The aging population could cause welfare costs to snowball out of control. Social institutions like education and childcare benefits must all receive an overhaul to raise the birthrate. It's tough nut to crack.

You look like you're worried about something. Is there a problem?

My wife and I can't decide whether to have a baby. What do you think?

It's not for me to say. You have to decide yourself.

I know, but it's such a difficult decision. I don't know what to do.