Low fertility rates demand grand scheme

It’s official. Korea’s total fertility rate — the average number of expected births from a woman in her lifetime — hit a fresh historic low of 0.72 last year by sinking from the previous record of 0.78. The number of newborns also fell below 230,000 for the first time in history, 19,200 fewer than the previous year. The latest data from Statistics Korea underscores the country’s sad depopulation march towards extinction.

Korea’s demographic perils from its low birthrate are unrivalled. Korea’s fertility rate hovers less than half of the 1.58 average of 38 OECD countries. Since it first fell into the ultra-low birthrate category with less than 1.3 in 2002, Korea has never been able to recover to above the level. It is the only country with a population of more than 10 million that has maintained an ultra-low birthrate for more than 20 years. Worse, there are no signs of improvements. The fertility rate is predicted to fall under 0.7 this year.

The birthrate reflects the dismal reality of Korean society. It means young people do not wish to have a child due to insecurity from jobs to housing and childcare. In other words, they do not have any hope for the future.

The thinning of future generation spells doom for the country. Aging accelerates along with the worsening birthrate. Korea is expected to become a superaged society next year with those 65 and older accounting for more than 20 percent of the total population. The reduced working population translates into slower growth. Pension reserves will run out faster. Elementary, secondary and tertiary education institutions will shut down in a chain. The number of firstgraders fell under 400,000 for the first time this year and may halve two years later. Rural communities could go extinct first.

A study by the Bank of Korea last December said the fertility rate could rise to 0.85 if family and other living conditions improve to OECD averages. Effective birth policy requires across-the-board socio-economic and cultural improvements through aggressive government spending for childcare, longer parental leave, higher employment rates for young people, affordable housing, easing in urban concentrations, economic growth and even increases in out-of-wedlock births, it said.

The agenda that can determine the country’s fate requires a comprehensive, systematic scheme to create a better environment to raise a child instead of the expedience of giving out money for every birth.

The labor, education and pension sectors must be overhauled for structural reform and higher productivity across the society. Policy must be practical and sustainable so that families celebrate children as a blessing, not a burden. It’s the only way to save this country’s future.