South Koreans¡¯ record-breaking reluctance to have babies is prompting renewed efforts to stave off a demographic crisis that threatens to weigh on the country¡¯s economic growth and social welfare system.
The country set a fresh mark for the world¡¯s lowest fertility rate last year, and separate projections indicate that the population will halve by the end of the century. Even Elon Musk has weighed in, portraying South Korea¡¯s situation as ¡°dire.¡±
Calling the fertility lows a national ¡°calamity,¡± South Korean President Yoon Suk-yeol plans to sharply increase cash payments for new parents. But like in other developed economies with an acutely low birthrate, Korean policymakers are confronting a problem that a handout alone won¡¯t solve.
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