South Korea's Plummeting Fertility Rate Hits New Low

South Korea's fertility rate, already the world's lowest, dropped to a record low of 0.72 in 2023, well below the 2.1 needed for a stable population. Factors such as concerns about career advancement, financial costs of raising children, and the gender pay gap have led women to delay childbirth or opt not to have babies. The country's demographic crisis poses a significant risk to economic growth and the social welfare system, with the population projected to halve by the end of the century. Political parties are pledging measures such as public housing and easier loans to address the declining fertility rates, while neighboring countries like Japan and China are also grappling with similar challenges.