Korea heading for demographic cliff
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Korea's total fertility rate is estimated at 0.96 to 0.97 for 2018, according to the Presidential Committee on Aging Society and Population Policy. / Korea Times files
By Kim Jae-heun
Korea's fertility rate is estimated to have hit an all-time low last year after falling below the level of 1 for the first time, according to a presidential committee, Friday, raising concerns that the nation is heading for a “demographic cliff” faster than expected.
According to the Presidential Committee on Aging Society and Population Policy, the country's total fertility rate is estimated at 0.96 to 0.97 for 2018.
According to Statistics Korea, the fertility rate refers to the number of children that one woman is estimated to have in her lifetime.
Statistics Korea also predicted last March that the nation's fertility rate would dip below the threshold of 1.
“If the fertility rate does not improve and stays at a critical level of 1, we can face the decrease in the country's total population sooner than 2028, the year we predicted such result,” Statistics Korea Commissioner Kang Shin-wook said.
Korea needs a fertility rate of 2.1 to maintain the current population. However, the rate is not even half of what is recommended.
In 2016, the average fertility rate of 35 countries of the Organization for Economic Cooperation and Development (OECD) was 1.68 and Korea ranked last.
Statistics Korea began collecting data on fertility rates in 1970 and it recorded an all-time high at 4.54 the following year. However, since then, the rate plummeted to 1.53 in 1987 ― despite a surprise rebound to 1.7 in 1990.
In 2017, it reached a record low of 1.05.
Experts warned that a decrease in population could reduce production and consumption and eventually lead to an economic crisis.
Since 2006, the government has come up with the countermeasures three times every five years to cope with the issue.
However, its plan has only focused on raising the fertility rate and ignored what people really need to secure an environment necessary to nurture a family, such as finding a stable job and a home to live in.
The government decided to change its paradigm to take action against the issue by improving the quality of life for people first.
“It is our goal to maintain the total number of babies born per year at around 300,000 and the government will do it's best to support the medical costs and child rearing expenses. We expect such benefits will encourage people to have at least two children,” a presidential committee official said.
“Also, our society still shows serious gender discrimination at work and it is one of the main reasons that women avoid getting married and having children. We will compensate for the system to establish gender equality at work and home.”