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South Korea birth rate decline infographic
Graphic charts the decline in South Korea’s population.
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POPULATION

South Korea struggles with declining population

By Ninian Carter

August 27, 2024 - South Korea is struggling with a record low birth rate, with officials having trouble convincing the “YOLO” generation that parenthood is a better investment than a hedonistic lifestyle.

South Korea is struggling to stop a sharp decline in its birth rate, with officials having difficulty convincing young people that parenthood is a better investment than living a hedonistic lifestyle.

Asia’s fourth-largest economy is to launch a new ministry dedicated to the task of improving the country’s demographic challenges, but they may face an uphill struggle.

The lifestyle priorities of Koreans in their 20s and 30s (generations Y and Z) mean they spend more and save less on average than their peers in other countries. They have become known as the “YOLO” generation – You Only Live Once – with more self-indulgent appetites for comfortable lives, stylish clothes, eating out and travel.

In 2023, the average number of expected babies for a South Korean woman during her reproductive life fell to a record low of 0.72 – far below the rate of 2.1 per woman needed for a steady population.

Sources
PUBLISHED: 27/08/2024; STORY: Graphic News
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