South Korea’s total fertility rate has dropped to a new record low of 0.65 in the fourth quarter of 2023, according to Statistics Korea, exacerbating the country’s demographic challenges amid rapid aging and declining birthrates. This quarterly figure, down from the previous year’s average of 0.72, underscores a persistent downward trend from 1.24 in 2015, marking the lowest rate among OECD nations.

The decline is attributed to reduced marriages during the COVID-19 pandemic, alongside socio-economic pressures such as high housing costs and a tough job market.

Why It Matters

South Korea’s continually dropping fertility rates signal a demographic shift