South Korea birth rate falls to all-time low

South Korea’s fertility rate – already the lowest in the world – has fallen yet again, amid fears of national extinction.

The average number of expected babies for a South Korean woman during her reproductive life fell to a record low of 0.72 from 0.78 in 2022, data from Statistics Korea showed on Wednesday.

Women concerned about their career advancement and the financial cost of raising children decided to delay childbirth or to not have babies.

The government said Wednesday despite having poured billions of dollars into efforts to encourage women to have more children and maintain population stability.

South Korea's fertility rate -- the number of children a woman is expected to have in her lifetime -- dropped to 0.72 in 2023, down nearly eight percent from 2022, according to preliminary data from Statistics Korea.

This is far below the 2.1 children needed to maintain the current population of 51 million, which at these rates will nearly halve by the year 2100, experts estimate.

The government has spent vast amounts on trying to encourage more babies, offering cash subsidies, babysitting services and support for infertility treatment.