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South Korea's Population Collapse Is Set To Deepen
Nov 30, 2023 at 3:03 AM ESTSouth Korea faces a profound demographic shift as its young adult population is anticipated to halve by mid-century, contributing to concerns in the country grappling with the planet's lowest fertility rate.
An analysis from South Korea's national statistical agency, released on Monday, underscores the continuing decline in the proportion of youth within the population.
The decline in the youthful working-age population also raises concerns about the long-term economic competitiveness of South Korea, Asia's fourth-largest economy.
In 1990, young adults aged 19 to 34 comprised almost a third of the populace. However, by 2020, this demographic had dwindled to 10.21 million, constituting a mere fifth of the total 51 million population. Forecasts from the Statistics Korea report project this figure will drop to 5.21 million by 2050.
In stark contrast, South Koreans aged 65 and above constituted 17.5 percent of the population last year. This trend indicates that the elderly will outnumber young adults by the decade's end, according to Statistics Korea.
Korean Statistics had not responded to Newsweek's request for comment by publication time.
A societal shift has also seen an increasing number of young adults living alone, accounting for one-fifth of youth in 2020—threefold the figure for 2000.
In addition, over 7.8 million young adults, or more than four in five, were unmarried in 2020, a figure that has progressively risen since 2000.
Notably, there were higher rates of single men (86.1 percent) compared to women (76.8 percent), with 87.4 percent of 25-29 year olds and 56.3 percent of 30-34 year olds identifying as single.
The falling proportion of young adults, coupled with the proportion of them who are single, looms large against South Korea's falling fertility rate, which President Yoon Suk Yeol has called a "crucial national agenda."
Last December, Yoon said the country had allocated over $200 billion over 16 years in efforts to address population decline.
Some policy makers have gotten innovative.
The government has been providing $1,500 bonuses to mothers for each birth since 2022, alongside additional monthly payments contingent on the children's ages.
Seongnam, South Korea's fourth-largest city, has initiated mass matchmaking events this year in a bid to encourage more eligible singles to start families.
South Korea's fertility rate, presently at a mere 0.78 per 1,000 women according to Statistics Korea, falls far below the replacement rate required to sustain a stable population, estimated at 2.1 children per woman by the U.S. National Institutes of Health.
The country isn't alone in confronting this demographic challenge.
Neighboring China, Japan, and Taiwan are experiencing similar shifts in their population dynamics.
Recent data from China's statistics bureau revealed a decline in births across about two-thirds of its regions, despite the government's attempts to incentivize child-rearing, such as relaxing the "one-child" policy in recent years.
South Korea's population collapse is set to deepen
The plummeting number of South Koreans between 19 and 34 years old bodes ill for Seoul's desperate efforts to combat a demographic crisis.
www.newsweek.com
