South Korea's Fertility Rate Hits Record Low Despite Billionaire's Bonus

South Korea's fertility rate, already the world's lowest, dropped to a record low of 0.72 in 2023, with concerns about career advancement and the financial cost of raising children leading women to delay childbirth or opt not to have babies. The country's population decline poses a significant risk to economic growth and the social welfare system, with efforts to reverse the trend, such as increased public housing and easier loans, being a focus in upcoming elections. South Korea's demographic crisis mirrors similar challenges in neighboring Japan and China, where fertility rates have also hit record lows, prompting unprecedented steps to address the declining birthrate.