Countries need a fertility rate of 2.1 to maintain a stable population, in the absence of immigration. But, the fertility rate or the average number of children expected per woman in South Korea fell to 0.78 in 2022 – down from 0.81 the previous year. 

The country recorded more deaths than births for the first time in 2020, a trend that has continued since. Similar demographic declines are being seen in several other Asian countries including Japan and China, raising concerns there will be too few people of working age to support the ballooning elderly population. 

The South Korean government has spent more than $200 billion trying to boost the population over the past 16 years. 

It also introduced various initiatives such as extending paid paternity leave, offering monetary “baby vouchers” to new parents, and social campaigns encouraging men to contribute to childcare and housework. But despite the economic factors at play, throwing money at the problem has proved ineffective.