Global Courant 2023-04-21 04:36:05
South Korea’s fertility rate – the number of babies born to women in their lifetime – fell again to a record low of 0.78 in 2022, the lowest in the world. The country’s fertility rate is expected to fall to just 0.61 in the coming years.
It’s an alarming trend, to say the least, because the fertility rate needed to maintain a stable population — replacement fertility — is 2.1, meaning South Korea’s fertility rate is just over a third. of the necessary fertility rate to maintain its current level. population. In comparison, the average fertility rate of the member countries of the Organization for Economic Co-operation and Development (OECD) was 1.6 in 2020.
Such a low fertility rate has already made South Korea the fastest aging society in the world. The other factor behind the rapid aging of the country’s population is rising life expectancy at birth, which reached 83.5 years in 2020 – the third highest in the world.
If the current fertility rate continues, South Korea’s population – which has been declining since 2020 – could drop from its current level of 51 million to just 34 million by 2067.
Continuing an abnormally low fertility rate will have serious consequences for South Korea’s economy. The most obvious problem will be a decline in the economically active population (15 to 64 years old) from 37.4 million in 2015 to 20.6 million in 2065 – a decline of more than 55% in 50 years. Other potential problems include declining consumption, declining investment, a budget imbalance (government expenditure on the elderly will rise while tax revenues fall) and a shortage of pensions.
There are several factors underlying South Korea’s low birth rate. First, South Koreans tend to marry at an older age due to longer education – 73.3% of high school graduates enrolled in a university education in 2022, arguably the highest rate in the world – and work commitments. The average age of South Korean mothers at first birth was 33.5 in 2022, compared to an OECD average of 28.3 in 2019.
Second, a growing number of people remain unmarried. Circumstances, such as lack of financial resources and lack of job security, are the main reasons for their single status.
Third, all adults in South Korea are fully aware of the country’s “educational hell.” They themselves were subject to having no free time, going to a large number of high schools after school, and being under pressure to excel in school, which led to a sense of guilt and shame.
Fourth, the cost of education in the country is extremely high. Almost 80% of pupils in primary and secondary education take private lessons. South Korean parents also spend more than $400 per student per month. The actual figure is believed to be significantly higher and that high-income families spend much more than low-income families.
Fifth, there is widespread pessimism about the country’s future. People are more likely to have babies if they believe their children will have better lives than they do. But that is not the case in South Korea, where there is a widespread belief that one must be economically prosperous to be successful. South Koreans believe that education, especially a degree from a prestigious university, is an important path to success, but they are aware that a lot of money is needed to achieve that goal.
A large majority of students attending elite universities in South Korea come from relatively affluent family backgrounds. This is explained by the fact that high-income families can send their children to the most expensive and best-educated primary schools.
Finally, the perceived value of having a baby has changed. Many young people, convinced that having babies entails too much work and stress, now want to avoid the financial burden caused by starting families. They also want to have time for themselves and spend time with partners and friends, have more time and energy to focus on their career and maintain their freedom and independence.
The historically low fertility rate has prompted the government to implement a number of policies to reverse the trend, spending billions of dollars each year since the early 2000s to boost parenthood. Some of the initiatives include cash bonuses for childbirth, child support, child care subsidies, extended maternity and paternity leave, free medical checkups for pregnant women, and medical expenses for children.
All these efforts increase the fertility rate of the country have failed. But there are still some steps that can be taken to alleviate the problem.
Reviewing South Korea’s education system is one option. Parents should not spend so much money on private education. Children should have time to play and participate in extracurricular activities. Lower and middle class children should be more likely to be admitted to prestigious universities and professional schools, regardless of parental wealth.
South Korea should also change its immigration policy so that migrant workers, who are currently required to leave South Korea when their employment contracts expire, can gain permanent residency and citizenship.
Andrew Eungi Kim is a professor in the Department of International Studies at Korea University.
This article was originally published by East Asia Forum. It is republished here under a Creative Commons license.
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