S. Korea to see negative growth in 2050 if low fertility rate continues

by IANS |

Seoul, Dec 3 (IANS) South Korea is set to report negative economic growth in 2050 if the country fails to reverse its accelerating birth-rate decline, the central bank said on Sunday.


The country's total fertility rate -- the number of children, on average, that a woman aged 15-49 has during her lifetime -- plunged to 0.81, the lowest level among the 35 Organization for Economic Co-operation and Development (OECD) member countries in 2021, according to a report released by the Bank of Korea (BOK).


Among 217 countries and regions, including the OECD member nations, Korea marked the second-lowest birth rate after Hong Kong with 0.77, the BOK report said.


Korea was top among the 217 nations in the pace of birth-rate decline from 1960 to 2021, plunging 86 percent from 5.95 to 0.81 during the cited period, reports Yonhap news agency.


If the current trends continue with no resolution, Korea's economy will report negative growth in 2050 and its overall population will fall below 40 million in 2070 from the current 51 million, the report said.


The BOK said the main causes of the record-low birth rate are tough competition, difficulties in getting a job, high residential costs and rising concerns over child safety.


The central bank expected the birth rate will rise up to 0.845 if the government comes up with measures to lower home prices, ease urban concentration and raise employment rates among unmarried young people to the levels of other OECD nations.


In the July-September period, the country's fertility rate fell to a record quarterly low of 0.7, down 0.1 from a year earlier, according to Statistics Korea.


It marked the lowest figure for any third-quarter readings since the agency began compiling related data in 2009.

Latest News
Karnataka Congress stages empty pot protest in Bengaluru against Centre Sat, Apr 20, 2024, 04:27 PM
Iranian foreign minister in New York: Ease Middle East tensions Sat, Apr 20, 2024, 04:26 PM
HK, Singapore food regulators red flag 'cancer-causing' ingredient in certain MDH, Everest spices Sat, Apr 20, 2024, 04:13 PM
Gujarat contributes over 8.3% to national GDP: FM Sitharaman Sat, Apr 20, 2024, 04:12 PM
Turkey's President Erdogan to meet Hamas chief in Istanbul Sat, Apr 20, 2024, 04:11 PM
HDFC Bank posts Rs 16,511 crore net profit in Q4, declares dividend of Rs 19.5 per share Sat, Apr 20, 2024, 04:03 PM
Constituency watch: Massive MPLAD spending by MP keeps BJP ahead in Bankura Sat, Apr 20, 2024, 03:58 PM
Iraq: One dead, 8 injured in blast at pro-Iran militia's facility Sat, Apr 20, 2024, 03:47 PM
Reunited with family, 95-yr-old great grandma from Bihar seeks to cast vote Sat, Apr 20, 2024, 03:45 PM
Delhi court reserves order on Sisodia's regular bail pleas; he withdraws interim plea to campaign for LS polls Sat, Apr 20, 2024, 03:18 PM
Viksit Bharat Ambassador meet-up: India will be among world's top 3 economies by 2027-28, says Hardeep Singh Puri Sat, Apr 20, 2024, 03:16 PM
Man reported dead after self immolation near court during ex-US Prez Trump's trial Sat, Apr 20, 2024, 03:15 PM
Formula 1: Verstappen on pole for Chinese Grand Prix, Hamilton to start at 18th position Sat, Apr 20, 2024, 03:14 PM
Athletics: US quartet breaks distance medley relay world record in Eugene Sat, Apr 20, 2024, 03:13 PM
Golf: Field announced for 2024 China Open as DP World Tour returns to Shenzhen Sat, Apr 20, 2024, 02:03 PM