Korea's fertility rate falls to a record low of 0.7 in 3Q

In the third quarter of the year, the number of births in Korea dropped to the 50,000 level. As of the third quarter, this marks the first time since related statistics were compiled that the number has fallen below 60,000. The total fertility rate during this period was 0.7, a decrease of 0.1 from the previous year. Korea's fertility rate typically starts high at the beginning of the year but tends to decline as it approaches the year-end. There are concerns that an unprecedented fertility rate in the 0.6 range might be observed as early as the fourth quarter.

In the third quarter, births sharply declined to 56,794, marking an 11.5% decrease from the previous year, primarily attributed to the diminishing youth population. Additionally, the number of marriages, a crucial factor influencing the fertility rate, saw a significant drop. In the third quarter, only 41,706 marriages were registered, reflecting an 8.2% decrease from the previous year and reaching the lowest point since the compilation of related statistics in 1981. Notably, in September alone, marriages plummeted by 12.3%. In Korea, a striking 96% of babies are born to married couples, further exacerbating concerns about a continued decline in the fertility rate in the upcoming years.

Last year, Korea entered the unprecedented territory of being the country with the lowest fertility rate, demonstrating a fertility rate of only 0.78%. Consequently, the proportion of the youth aged between 19 and 34, which constituted one in five people as of 2021, is anticipated to plummet to a mere 11.0% of the total population by 2050, a stark decline over the next 30 years. There's a looming concern that this figure may decrease even further if the fertility rate continues to decline. The fear that Korea could become the first country in the world to face population decline to the point of disappearance is becoming an alarming reality.

The crisis of a 'shrinking society' induced by non-marriage and low fertility rates has deeply permeated our daily lives. Wedding halls and daycare centers are shuttering one after another, underscoring the widespread repercussions. The Organization for Economic Co-operation and Development (OECD) has issued a warning, projecting that Korea's potential growth rate could plummet to 0% by 2030, merely seven years from now, primarily due to a scarcity of the working-age population. The diminishing number of graduates from primary, secondary, and tertiary schools has reached such an extent that the associated costs for each student, including the creation of a yearbook, have seen a staggering increase.

Most concerning is the pervasive belief stemming from the world's lowest extended fertility rate that 'no solution to the fertility problem is of any use,' permeating our society. The low fertility rate, often referred to as 'national suicide,' demands immediate attention. Currently, the government and politicians are in discussions about potential measures, including the expansion of gift tax benefits for young couples who marry and have children, as well as offering special loans aligned with each life cycle. To effectively address and elevate the fertility rate, there must be a resolute commitment to unconventional social system innovations, such as implementing mandatory parental leave without discrimination between men and women.