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[Source<\/a>]<\/p>\n South Korea’s fertility rate beat its own record for the world\u2019s lowest fertility rate after dropping for the fourth consecutive year.<\/b><\/p>\n Population drop: <\/b>On Wednesday, Statistics Korea reported an <\/span>8% decrease<\/span><\/a> in the nation\u2019s fertility rate in 2023 compared to the previous year. Experts warn that the current trend could lead to a significant decline in the country’s <\/span>population<\/span>, which stands at 51 million, potentially halving by the year 2100.<\/span><\/p>\n The average number of expected babies per South Korean woman’s lifetime <\/span>dropped<\/span> from 0.78 to 0.72 in 2022<\/a>. Projections indicate a <\/span>further decline<\/span><\/a> to 0.68 in 2024. These figures are reportedly significantly below the 2.1 threshold needed to sustain a country’s population. The <\/span>fertility<\/span> decline is notably pronounced in <\/span>Seoul<\/span><\/a>, with the capital recording the lowest rate at 0.55.<\/span><\/p>\n Factors of the decline: <\/b>According to experts, the low fertility rates are due to the country\u2019s demanding work cultures, rising costs of living, changing attitudes toward marriage and <\/span>gender equality<\/span> and rising disillusionment among younger generations. <\/span><\/p>\n Trending on NextShark: 240-million-year-old ‘Chinese dragon’ fossil discovered in southern China<\/a><\/strong><\/p>\n Women, concerned about career advancement and the financial burden of raising <\/span>children<\/span><\/a>, are choosing to delay childbirth or forgo it altogether. Many do not feel obligated to raise a child, citing the costly expenses amid the uncertainty of a bleak job market, expensive housing and gender and social inequality. Women have also cited the patriarchal culture of childcare and <\/span>discrimination<\/span> at work. <\/span><\/p>\n Addressing the decline: <\/b>As <\/span>South Korea<\/span><\/a> approaches April <\/span>elections<\/span>, political parties are addressing the critical issue of population decline. The government has pledged “extraordinary measures” to tackle the situation. Since the decline started, the government has introduced multiple initiatives, such as offering <\/span>monetary baby allowances<\/span><\/a> of 1 million won ($767) as an incentive for more births, foreign and <\/span>low-cost nannies<\/span><\/a> and extended paid paternity leaves. Social campaigns have also encouraged men to help in childcare and housework.<\/span><\/p>\n Recently, a construction firm in South Korea also <\/span>offered 100 million won<\/span><\/a> ($75,000) for every child born to its employees in a bid to address the nation\u2019s declining birth rates.<\/span><\/p>\n Trending on NextShark: 70-year-old grandfather from China amazes with his physique and fitness routine<\/a><\/strong><\/p>\n How it\u2019s going: <\/b>Despite spending over $270 billion in initiatives since 2006, the root causes persist. The workaholic culture and fierce workplace competition deter many women from having children, exacerbating the gender pay gap issue, which is the worst in the <\/span>OECD<\/span>. Financial concerns also hinder marriage, seen as a prerequisite for parenthood. <\/span><\/p>\n Neighboring countries\u2019 similar struggles: <\/b>Similar concerns also affect neighboring countries like <\/span>China<\/span><\/a> and <\/span>Japan<\/span><\/a>, both experiencing record-low fertility rates and a demographic crisis with more deaths than births, leading to growing labor shortages. China, which currently holds the world\u2019s second-largest population with over 1.4 billion people, may see that number shrink to <\/span>525 million by 2100<\/span><\/a>. <\/span><\/p>\n Japan recorded a fresh record low in the number of births for the <\/span>eighth consecutive year<\/span><\/a> in 2023, with a 5.1% decrease in births from the previous year, totaling 758,631. Additionally, marriages declined by 5.9% to 489,281, marking the first time in 90 years that the number fell below 500,000. <\/span><\/p>\n Trending on NextShark: Sriracha lovers are now buying this bottle at Costco<\/a><\/strong><\/p>\n Download the NextShark App:<\/strong><\/p>\n