Amidst the challenges faced by South Korea’s ageing population, there is a glimmer of hope on the horizon. For the first time in nine years, the country’s fertility rate has seen an increase, sparking optimism that a turning point may have been reached. The Editor of the FT, Roula Khalaf, has highlighted some of the key stories in this week’s newsletter, shedding light on this significant development.
Here are some key points to consider:
- South Korea’s fertility rate rose from 0.72 in 2023 to 0.75 last year, marking the first increase since 2015.
- The surge in marriages following the pandemic has been credited as a contributing factor to the rise in birth rates.
- Despite the increase, South Korea’s fertility rate is still the lowest in the world, well below the 2.1 needed for a stable population.
- Government efforts to address the demographic crisis include measures to make childcare more affordable, expand parental leave, and encourage reduced working hours.
- Big companies have joined the cause, offering incentives such as bonuses for employees who have children.
While these developments are promising, there are still challenges ahead. It’s uncertain whether this positive momentum will be sustained or if it’s merely a temporary effect of the pandemic. Professor Shin Kyung-ah highlights that economic and cultural factors continue to impact young people’s views on marriage and childbearing.
As South Korea navigates these complex issues, it remains crucial to address the structural barriers that hinder progress in tackling the demographic crisis. Financial investments and societal changes must go hand in hand to create a more supportive environment for families. The road ahead may be challenging, but with concerted efforts and strategic planning, South Korea can pave the way for a more sustainable future.
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