Korea Experiences Low Birth Rate
luvsmiling, July 14, 2014, 8:40 a.m.
Korea has been experiencing a record low birth rate. Changes in social norms are showing that Koreans are getting married later, while data is showing that couples want less children or none at all. Due to these changes, Korea's population competitiveness is forecast to fall to 21st place by 2030 among the 29 OECD member nations from 17th in 2010.
Korea is expected to stay at 16th place in 2020 in terms of population competitiveness but fall to 21st a decade later, according to a report by the Korea Institute for Industrial Economics and Trade issued on Friday. The main cause of the decline is a rapidly aging society compounded by a low birthrate, which increases taxation burden for social security benefits and ends up weakening economic vitality. Israel ranked at top followed by the U.S., Ireland, Australia, Switzerland and Canada.