A woman and child cross the street in Tokyo, July 19, 2021. The number of babies born in Japan in 2023 fell for an eighth straight year to a new low.
ntil the 1970s, women in the most prosperous Asian economies like South Korea, Japan, and China were having more than five children on average. Today, that trend is starkly different. For the sixth consecutive year, South Korea hasthe world’s lowest fertility rate. In the latest figures released by the government on Feb. 28, that number sunk to a new low—from 0.84 children per couple in 2022 to 0.81 in 2023. By 2024, the rate is projected to fall even further to 0.68.
As countries become wealthier, the cost of raising children goes up too—though that's one of several factors. Michael Herrmann, a senior adviser on economics and demography with the United Nations Population Fund, or UNFPA, says that women generally consider how to balance three aspects when having children: family life and work; income and child-rearing costs; and gender equality, which can help with sharing the caregiving load.
Rather than focusing on how to reverse the population decline, experts also say governments may be better off trying to find ways to live with it. That means that in the longer term, they will need to find other solutions to ensure that the workforce stays buoyant: “more women productive in the labor market, supporting older workers to stay active for longer, ensuring a steady flow of migrants to compensate for our lack of workers,” says Harper.
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