Ageing Threatens Economy of South Korea due to Record Low Birth Rate

The population crisis is exacerbating in South Korea, the fourth largest economy in Asia, and Japan, the second largest economy, after new data showed that the number of children born last year in South Korea reached another new record low, the British newspaper The Guardian reported.

According to figures released by Statistics Korea, 249,000 babies were born in 2022, down 4.4 percent from the previous year and the third year in a row that deaths exceeded births.

South Korea's birth rate has also fallen to a record low, dealing a blow to the government's efforts to encourage couples to have more children.

South Korea's population shrank for the first time in 2021 and is expected to decline further, to 38 million by 2070.