South Korea's birthrate has risen for the first time in nine years, with the fertility rate increasing from 0.72 in 2023 to 0.75 in 2024.
This slight uptick is attributed to a surge in marriages, which jumped by 14.9% in 2024, the largest increase since records began in 1970.
“There was a change in social value, with more positive views about marriage and childbirth,” Park Hyun-jung, an official at Statistics Korea, told a news briefing.
“It is difficult to measure how much each factor contributed to the rise in new births, but they themselves had an impact on each other too,” Park said.
Government policies aimed at encouraging young people to get married and have children, along with a shift in social values towards more positive views on marriage and childbirth, have contributed to this change. Despite this improvement, South Korea's fertility rate remains the lowest in the world and far below the replacement level of 2.1.
The economic implications of South Korea's low birth rate are significant. A declining population can lead to a shrinking workforce, which in turn can slow economic growth and increase the burden on social welfare systems.
The government has implemented various measures to address this issue, including financial incentives for families, expanded childcare support, and favorable housing loans for couples who marry and have children.
However, these efforts have yet to produce substantial long-term results, and the country continues to face challenges related to its aging population and low birthrate.
Looking ahead, South Korea's outlook remains uncertain. The government has set an ambitious target to raise the fertility rate to 1 birth per woman by 2030 and has introduced several initiatives to support this goal. However, experts warn that sustained progress is needed to counteract the country's declining population, which is projected to shrink to 36.22 million by 2072.
The economic impact of a shrinking population, coupled with external factors such as trade policies and global economic conditions, will continue to pose challenges to South Korea's future growth.
