In South Korea, world's lowest fertility rate plunges again in 2023

South Korea's fertility rate, already the world's lowest, continued its dramatic decline in 2023, as women concerned about their career advancement and the financial cost of raising children decided to delay childbirth or to not have babies.P)..

The average number of expected babies for a South Korean woman during her reproductive life fell to a record low of 0.72 from 0.78 in 2022, data from Statistics Korea showed on Wednesday..

Since 2018, South Korea has been the only Organisation for Economic Co-Operation and Development (OECD) member with a rate below 1, defying the billions of dollars spent by the country to try to reverse the trend that led the population to decline for a fourth straight year in 2023..

South Korea also has the worst gender pay gap in the OECD, as Korean women bring home about two-thirds of the income then men. . "Women typically can't build on their experience to climb higher at workplaces because they are often...the only one doing the childcare (and) often need to rejoin the workforce after extended leaves," said Jung Jae-hoon, a professor at Seoul Women's University..

The parties' focus on population in their election planks reflects growing alarm after spending of more than 360 trillion won ($270 billion) in areas such as childcare subsidies since 2006 has failed to reverse record low fertility rates. ..

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