South Korea and Japan: Facing the Specter of Demographic Decline

South Korea and Japan, two economic powerhouses in East Asia, grapple with the ominous reality of plummeting fertility rates, signaling a profound demographic crisis. South Korea, already burdened with the world’s lowest fertility rate, witnessed a further decline to a record low of 0.72 in 2023, exacerbating concerns about population sustainability.

The trend reflects women’s anxieties regarding career advancement and the formidable financial burdens associated with raising children. Despite governmental efforts, including substantial investments to reverse the decline, the trajectory remains bleak, with Seoul’s population projected to halve by the century’s end.

Meanwhile, Japan, facing similar challenges, reported its eighth consecutive year of declining births, with a fertility rate of 1.26 in 2022. Both nations grapple with the implications of aging populations and shrinking workforces, highlighting the urgent need for innovative policies to address the looming crisis.