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South Korea To Experience Significant Population Decline

By Odunmorayo Oke

06 December 2023   |   1:19 pm

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South Korea's population is expected to decline at a faster rate than during the Black Death, the deadliest pandemic in human history, according to a recent report by The New York Times (NYT). The total fertility rate in South Korea is projected to drop to a record low of 0.6 children per woman by the…

South Korea’s population is expected to decline at a faster rate than during the Black Death, the deadliest pandemic in human history, according to a recent report by The New York Times (NYT).

The total fertility rate in South Korea is projected to drop to a record low of 0.6 children per woman by the end of the year. This alarming trend, if not addressed, could have far-reaching consequences for the country’s economy, social security system, and overall well-being.

The Black Death is a devastating pandemic that ravaged Europe and Asia from 1346 to 1353, estimated to have killed between 75 and 200 million people. This represents a staggering 25 to 60% of the population of Europe at the time.The Black Death was caused by the bacterium Yersinia pestis, which was spread by fleas that had bitten infected rats. The plague caused a variety of symptoms, including fever, swollen lymph nodes, and skin lesions.

South Korea’s fertility rate has been steadily declining for decades, falling below 1 in 2018. This year, it has continued to plummet, reaching 0.78 in 2022. The rapid decline can be attributed to various factors, including the rising cost of living, limited childcare options, and changing societal norms.

The declining fertility rate is accompanied by a decrease in the number of marriages. In September 2023, there were 12,941 marriages in South Korea, a significant drop of 12.3% from the same month last year. This decline suggests that more couples are choosing to cohabit or remain single, further contributing to the population decline.

Experts warn that South Korea’s shrinking population could lead to economic stagnation, labor shortages, and an overburdened social security system. The country’s elderly population is expected to grow rapidly, while the working-age population dwindles, putting a strain on healthcare and pension systems.

South Korea’s declining population is a complex issue with far-reaching implications.