Imagine a land where storks, known as baby carriers, are running out of work. This country is South Korea, which is experiencing a demographic crisis that makes these storks rest more often than before. In this country, young couples are more often seen busy in the office than in the playground with their children. They may attend important meetings more often than PTA meetings. Why is that? let’s see why!

1. Declining Birth Rate

The birth rate in South Korea continues to decline and has reached an all-time low. In 2023, the number of newborn babies will only reach 230,000, down 7.7 percent compared to the previous year. The fertility rate in this country has also decreased by almost 8 percent, with the average age for women to give birth reaching 33.6 years, which is the oldest age among OECD members. If this trend continues, South Korea’s population is projected to halve to 26.8 million people by 2100. Although the government has allocated KRW 379.8 trillion (Rp. 4,456 trillion) to increase the birth rate, these efforts have not yet yielded results. which are expected. Some of the main causes of South Korea’s low birth rate include high childcare costs and a highly competitive society, making it difficult for many people to find well-paying jobs.

2. High Cost of Living

The cost of living in South Korea is known as one of the highest costs of living in Asia. Food costs in South Korea can vary depending on food choices and location. The price of food in restaurants is usually between 6 to 12 thousand Won per portion, while buying food at the market can be cheaper. Monthly food costs can range between 80 to 100 thousand Won or the equivalent of IDR 1.8 to IDR 2.2 million per month. Apart from food, housing costs are also an important component of the cost of living in South Korea. Rental fees for rooms in dormitories usually range from 150 thousand to 250 thousand Won per month or the equivalent of IDR 1.7 to IDR 2.9 million per month. Electricity and gas costs are also relatively high, with large electricity consumption in summer and greater gas consumption in winter. On average, the cost of living in South Korea can reach around 1,000,000 Won per month or the equivalent of IDR 11.5 million per month, depending on each person’s lifestyle and tendencies.

3. Increase of Elderly Population

The increase in the number of elderly people in South Korea has been a significant trend in recent years. Based on Statistics Korea data, it is estimated that in 2070, the number of elderly people in South Korea will reach 46.4 percent of the total population, which means that almost half of South Korea’s population will be aged 65 years and over. This marks a sharp increase from the 18 percent forecast for this year. This increase is due to the country’s extremely low birth rate, which has been declining steadily for 88 consecutive months. Thus, the South Korean government must be prepared to face these demographic challenges, including increasing medical school enrollment quotas and improving access to medical services to meet the needs of an aging population.

4. Gender Gap

The demographic crisis in South Korea has created a significant gender gap. Data shows that the number of unmarried men is much greater than unmarried women. This is due to traditional parental preferences that prefer sons over daughters, as well as the practice of sex-selective abortion several decades ago. This gap is particularly severe in rural areas, with the proportion of unmarried men reaching 34.9 percent in North Gyeongsang province and 33.2 percent in South Gyeongsang province. This condition is caused by differences in the number of male and female births over several decades, which began to exceed the natural sex ratio in the 1970s and remained high until the late 1980s and mid-1990s.

Conclusion

In conclusion, the demographic crisis in South Korea, characterized by a drastic decline in birth rates and an increase in the elderly population, poses significant challenges to the country’s social and economic stability. Although the government has taken various steps to address this problem, such as providing financial incentives, implementing work-life balance policies, and increasing access to childcare services, the existing challenges still require a more holistic and sustainable approach. Success in confronting this demographic crisis is critical to ensuring the prosperity of future generations and maintaining South Korea’s economic growth.