South Korea breaks world record for lowest birth rate! The country's population is expected to halve by the end of the century

time:2022-12-09 author:Fuel stock
South Korea breaks world record for lowest birth rate! The country's population is expected to halve by the end of the century

Affected by the decline in the fertility rate of women of the right age, South Korea's fertility rate and the number of newborns in 2021 will hit a record low. Data from the Statistics Korea show that the total fertility rate in South Korea in 2021 will decrease by 3.4% year-on-year to 0.81, the lowest value since relevant statistics. The number of newborns decreased by 4.3% year-on-year to 260,600, which also set a new record low. South Korea has been conducting annual birth counts since 1970, when the country's annual number of births exceeded 1 million. After entering the 21st century, the number of births in South Korea fell sharply, falling below 600,000 in 2001, below 500,000 in 2002, less than 400,000 in 2017, and further down to less than 300,000 in 2020. Among the 38 OECD countries, South Korea has the lowest total fertility rate and is the only country with a total fertility rate below 1. According to the United Nations and the World Bank, South Korea is the fastest-aging country among economies with a per capita GDP of more than $30,000. On the current downward trend, South Korea's population will fall by 53% from current levels to 24 million by 2100. Statistics Korea said that late marriage and late childbearing has become the general trend, but the decline in the fertility rate of women aged 25 to 35 has led to an overall decline in the fertility rate. In terms of reproductive age, the fertility rate of women aged 25 to 35 decreased year-on-year, while the fertility rate of women over 35 increased year-on-year. In particular, the fertility rate of women in their 40s was 7.6, a record high since statistics began in 1993. All-time high. The Bank of Korea has previously warned that South Korea's economy faces the risk of prolonged stagnation as its population ages and productivity slows. A shrinking labor force is the main factor behind the decline in South Korea's potential growth rate. The working-age population peaked in 2020 at 37.3 million and will nearly halve by 2070, according to Statistics Korea. As it seeks to slow the decline in the birth rate, the South Korean government is trying to improve the living conditions of retirees and bring in more robots to adapt to the current situation. The government's overall goal is to have more women, the elderly and foreigners fill vacancies in the labor market.

The global population may peak by the end of the 2040s

South Korea is not alone. According to HSBC's calculations, if the birth rate falls at the current rate, the global population will peak in the late 2040s, about 40 years earlier than the 2080s predicted by the United Nations. Elsewhere in Asia, Japan's total fertility rate fell to 1.28 in 2021, and Singapore's fertility rate has reached levels that will halve the country's population by the end of the century. Europe is also further and further down the road of population decline. The current fertility rate in Europe is around 1.5 and has been hovering low in recent years. According to HSBC calculations, in a worst-case scenario, using South Korea's fertility rate as the "floor" fertility rate, Europe's population will be 400 million lower than current levels by the end of the century; , Europe's population will still be reduced by more than 50 million. The US population peak may come in the early 1940s. If South Korea's fertility rate is used, the U.S. population will drop by 200 million from current levels by the end of the century. The CBO's fertility rate projections are very similar to the black dotted line in the graph below, ie 5% lower than the UN's assumed birth rate, based on which the U.S. population will still peak in the next 20 years. This article is from Wall Street News, welcome to download the APP to see more
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