(MENAFN) South Korean Leader Yoon Suk Yeol unveiled plans on Thursday to tackle the nation's alarming low birth rate by announcing the establishment of a new ministry dedicated to addressing this pressing issue. Speaking on the occasion of the second anniversary of his presidency, President Yoon appealed to the nation and urged the opposition's cooperation in parliament to enact legislation for the creation of this new ministry.
Citing the low birth rate as a matter of national emergency, President Yoon emphasized the imperative to leverage all available state resources to effectively combat this demographic challenge. A Seoul-based News Agency quoted President Yoon stating, "In order to overcome the low birth rate, which can be considered a national emergency, we will fully mobilize all of the state's capabilities."
Policy circles have been increasingly alarmed by South Korea's sustained population decline, with the birth rate plummeting to a historic low of 0.72 in 2023. According to projections from the Korean Peninsula Population Institute for the Future, the nation's economically active population could face a dramatic decline of nearly 10 million individuals by the year 2044.
Highlighting the gravity of the situation, the Institute's latest report predicts a significant reduction in the number of individuals aged 15 to 64, which stood at 36.57 million in 2023, with projections indicating a decrease to 27.17 million by 2044. Furthermore, the report underscores the stark demographic imbalance, forecasting an increase in deaths to 746,000 by 2060, coupled with a meager estimate of 156,000 births, resulting in a natural population decline of 590,000.
These sobering statistics underscore the urgent need for proactive measures to reverse the declining trend. With the country's total population estimated at 51.71 million in 2023, the report predicts a substantial decline to 39.69 million by the year 2065, underscoring the critical importance of swiftly implementing policies aimed at revitalizing population growth.
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