Fertility Rate of South Korea Plunges to Record Low

South Korea is one of those hardworking countries who worked long hours and gave both heart and soul to make this country standout as developed from the developing tag. . But what they are facing now is a challenge they have not overcome in the past, low fertility rate it is. The growth of South Korea’s population this year will be the slowest rate ever recorded, despite efforts to boost it, officials say.
About 360,000 babies will be born, leading to concern over the effect of an ageing population on the economy.
The average number of babies born per woman of reproductive age is due to be as low as 0.96 this year, falling below one for the first time in history, according to a study commissioned by the Chosun Ilbo newspaper.
This kind of low fertility rate is normally only seen during wartime, said Lee Chul-hee, an economics professor at Seoul National University and one of the authors of the study.
“There’s definitely going to be a psychological shock among the Korean people,” he said. “It will likely influence what is considered to be an ideal number of children, and could lead to the rate dropping even further.”
Couples say while they were asked that the rising cost of living, including housing and soaring education prices, means that having a large family is not an option.
Officers fear that a low birth rate might reduce the number of people in the workforce and drive up welfare costs for the increasing elderly population, undermining the potential for economic growth.
> Shiuly Rina