South Korea’s already world’s lowest fertility rate is set to fall again in next few years - ‘like the Titanic’

Earlier this month, finance minister nominee Choi Sang-mok likened the dangers of South Korea’s demographics to the iceberg that sank the Titanic, saying it is already too late to reverse the trend simply via fertility rates.

So far the government has focused on birth rates. Measures introduced to encourage more births include a tripling of monthly allowances and a reduction of mortgage interest rates for parents. Policymakers are now looking for ways to cope with the ageing society, coming to grips with the reality that it would take decades to reverse the demographic trend.

Low pay, no future, fewer babies: paediatricians in South Korea are vanishing

The latest forecast by Statistics Korea puts the population in 2072 at 36.2 million, a 30 per cent decline from the current 51.7 million, even though the fertility rate may recover a bit to 0.68 in 2026. The population is expected to fall every year starting in 2025.

A variety of factors are blamed for Koreans’ reluctance to have kids, ranging from the high costs of housing to the competitive environment for children’s education. Increasing gender tensions are another reason regularly highlighted.