Koreans may be extinct within the lifetime of your great-grandchildren. Not their great-grandchildren, they won't have any, but yours.
From The South China Morning Post, February 22:
- Just 249,000 babies were born in South Korea last year – a fertility rate of 0.79 compared to 0.81 the year before – while about 373,000 people died
- The country has the world’s fastest-shrinking population among economies with per capita GDP of at least US$30,000, according to the UN and World Bank
South Korea’s fertility rate, the world’s lowest for years, has fallen again, aggravating the challenges of ageing demographics for the economy. The number of babies expected per woman fell to 0.78 last year, according to data released by the statistics office on Wednesday. At 0.81 in 2021, it was already the lowest among more than 260 nations tracked by the World Bank.
The lack of babies carries long-term risks for the economy by reducing the size of the workforce that underpins its growth and vitality. Welfare spending for an ageing population also drains national coffers that could otherwise be utilised to promote businesses, research and other enterprises that are key to prosperity.
A shrinking workforce is a major cause of South Korea’s declining potential growth rate. The working-age population peaked at 37.3 million in 2020 and is set to fall by almost half by 2070, according to Statistics Korea....
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