South Korea has beaten its own record once again. The country has registered a new low in its already faltering birth rate. The rate for 2023 was just 0.72. This is an unprecedented number in the global community (the average for OECD countries was 1.58 in 2021).
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Although a heavy work culture doesn’t help, all developed nations have low birthrates. As quality of life increases, so does cost of living, and by extension, the cost of having children.
Most developed nations import young adults from countries with low cost of living and high birth rates to offset their low birthrates. This is where South Korea and Japan are similar. Both would rather deal with population collapse than allow immigrants into the country.