South Korea Declares "Population State of Emergency"
South Korea Declares "Population State of Emergency"
South Korea has officially announced a "population state of emergency," with President Yoon Seok-yeol emphasizing the population crisis caused by an extremely low birth rate. The country plans to establish a "Population Strategic Planning Department" to devise mid- to long-term population strategies. In recent years, late marriages and decreasing marriage rates have led to an aging population and low birth rates. It is projected that the total population will significantly decline in the next 50 years, resulting in an ultra-aging society.
Key Takeaways
- South Korea declares a "population state of emergency" and establishes a "Population Strategic Planning Department" to address the issue of low birth rates.
- South Korea’s total fertility rate has dropped to a historic low of 0.72, far below the 2.1 required to maintain population stability.
- The projected scale of the pet market in South Korea is expected to grow from 40 trillion won in 2023 to 60 trillion won in 2027.
Analysis
South Korea’s population crisis may lead to labor shortages and a slowdown in economic growth. The new strategic department of the government needs to promptly devise effective policies to stimulate the fertility rate, potentially including economic incentives and improved childcare environments.
Did You Know
- Population State of Emergency: South Korea’s declaration of this state signifies the government’s recognition of the population issue as a national-level emergency crisis, requiring immediate measures. This status typically involves a high level of governmental attention and substantial resource allocation to address urgent problems like an aging population resulting from an extremely low birth rate.
- Population Strategic Planning Department: This newly established department by the South Korean government to address the population crisis is primarily responsible for devising and implementing mid- to long-term population policies. The department will be tasked with researching population trends, proposing policy recommendations, and overseeing the implementation of these policies to ensure the stable and healthy development of the country's population structure.
- Total Fertility Rate: It refers to the average number of children born to each woman over her lifetime. South Korea's total fertility rate has dropped to 0.72, far below the 2.1 required to maintain population stability, indicating a rapid decline in the country's population. Without measures, the country will likely face severe aging and labor shortages in the future.