Alarming Birthrate Crisis in Korea: President Declares Demographic Emergency

Wednesday 19 June 2024 - 14:00

In a somber declaration that sent shockwaves across the nation, South Korean President Yoon Suk Yeol proclaimed a "national demographic emergency" due to the country's alarmingly low birth rate. Speaking in Seongnam, a suburb of Seoul, the President underscored his unwavering determination to reverse this troubling trend.

"Today, I officially declare a state of national demographic emergency," President Yoon stated emphatically during a meeting of the presidential committee on low birth rates and population aging. He vowed to "activate a comprehensive inter-ministerial response system until the issue of low birth rates is overcome," according to the Korean news agency Yonhap.

The President's strategy focuses on improving three crucial aspects: work-life balance, childcare services, and access to housing. These measures aim to incentivize couples to have children, as many young adults remain reluctant to start families due to prevailing societal pressures and economic challenges.

Among the proposed initiatives are increased allowances during parental leave, additional paternity leave days, flexible working hours, subsidies for employers, and enhanced childcare assistance. The government also plans to offer housing and tax benefits to alleviate the financial burden on prospective parents.

The gravity of the situation is underscored by the staggering fertility rate, which plummeted to a record low of 0.72 in 2023. This figure falls drastically short of the recommended rate of 2.1, which is necessary to maintain a stable population without accounting for migration.

If left unchecked, this demographic crisis could have far-reaching consequences for South Korea. Projections indicate that by 2072, the country could become a hyper-aged society, with a median age of 63.4 years, a stark contrast to the current median age of 44.9 in 2022. Furthermore, the population is projected to shrink to 36 million from the current 51 million.

As the urgency of the situation intensifies, President Yoon's declaration serves as a rallying cry for collective action. Reversing the declining birth rate demands a multifaceted approach, addressing not only financial incentives but also societal norms, workplace policies, and access to essential services.

The demographic emergency declaration underscores the government's commitment to tackling this pressing issue head-on. By mobilizing resources and implementing targeted measures, South Korea aims to create an environment that empowers and encourages couples to embrace parenthood, ensuring a sustainable and thriving population for generations to come.

As the nation grapples with this unprecedented challenge, the President's call to action resonates across all sectors, urging a concerted effort to address the root causes and pave the way for a brighter demographic future for South Korea.