South Korea's Fertility Rate Sinks to New Record Low

South Korea experienced a significant decrease in its fertility rate in 2023, with the average number of children per woman dropping to an all-time low of 0.72 from 0.78 in the previous year. This decline represents an approximately 8% decrease from 2022 and is below the replacement level of 2.1 for a population to remain stable. Neighboring Japan faces similar challenges with low birth rates. Despite billions of dollars spent by the South Korean government on initiatives to encourage larger families, the trend continues downward.