SOUTH Korea known for its globally influential culture and abundant tourism has embarked on a full-fledged war to combat the low birth rate.
South Korean President Yoon Suk-yeol declared a national emergency on population and vowed to exert all efforts to tackle the nation’s ultra-low birth rate such as rolling out measures to expand cash support for newborn babies.
President Yoon said the population crisis caused by extremely low birth rates is the foremost and critical issue South Korea is facing today.
South Korea has spent some $280 billion over the past 18 years to address its diminishing birth rate, however, its efforts proved to be futile.
The government’s new measures were based on a thorough reassessment of the government’s past efforts to boost the country’s birth rate, as the country learns lessons from the mistakes made in the past.
In February, South Korea recorded the world’s lowest fertility rate for the sixth consecutive year.
Experts warned that South Korea’s close to 52 million population may halve by 2100 if the rate of decline continues.
Economic pressures which include the high cost of housing, education, and long working hours were among the top reasons why couples in South Korea avoid starting a family.
Apart from South Korea, falling birth rates are a major concern for some of Asia’s biggest economies such as Japan and Singapore.
