South Korea has broken its own record for the lowest fertility rate.
Over the past 16 years, over $200 million has been spent trying to promote the population.
Despite this, there is not much improvement in the situation.
Seoul. It’s baby fair season in South Korea. Amid the hustle and bustle of the fair’s bustling halls, hundreds of vendors are trying to sell expectant parents in the coming days anything that can add a bit of joy to them. We also try to sell all these things here, which the parents don’t even know if they need them or not. But now this business is shrinking and the number of customers is also decreasing.
According to CNN, South Korea recently broke its own record for the lowest fertility rate in the world. Data released in November showed the average number of children a South Korean woman would have in her lifetime would drop to just 0.79. This rate is well below the 2.1 rate needed to maintain a stable population and is also lower than other developed countries where the rate is declining. Recall that Japan, which reported its lowest rate ever recorded at 1.3. And the United States reported a rate of 1.6.
During a visit to a nursery in September, South Korean President Yoon Suk Yeol admitted to having spent more than $200 million ($200 million or about 16 billion, 33 crore rupees) over the past 16 years to try to stimulate the population. After taking office in May, his administration established a committee to address the issue of low fertility rates. Along with this, financial aid was also promised to increase the fertility rate. According to the Yoon administration, the monthly allowance for parents of children under the age of one will increase from the current 300,000 won to 700,000 won ($230 to $540) in 2023 and to 1 million Korean won ($770). ) by 2024.
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At the same time, the South Korean public doubts Yoon’s intentions. They believe that Yoon understands the problem no better than his predecessors. Many experts believe that the solution to the current problem claimed by the Yun administration is too one-dimensional. It cannot be solved with a “throwing money at it” approach. Instead of taking this approach, ongoing support is needed throughout the child’s life.
Tags: population, South Korea
FIRST POST: 05 December 2022, 12:12 IST