The coronavirus pandemic will accelerate trends in declining fertility and aging societies in South Korea. This is reported by KBS with reference to representatives of the Bank of Korea (CB).
According to published data, the pandemic will have a negative impact on fertility in terms of factors such as employment, income, attitudes of citizens towards marriage and childbearing, age at marriage.
It is noted that the problems of employment and income are mainly faced by citizens aged 20 to 39 years. The situation is aggravated by the fact that employers are trying to avoid risks when hiring employees and are increasing the volume of investments in labor automation.
It is assumed that the high competition of this age group during the post-coronavirus era will only intensify the trend towards declining fertility and aging society. According to experts, the impact of the pandemic on the problem of low fertility will continue for at least another two years.
In 2020, the proportion of the elderly population in South Korea is 15.7% of the total, which is below the average of the member countries of the Organization for Economic Cooperation and Development (OECD). And the total fertility rate as of the third quarter of this year was 0.84.
The total fertility rate shows how much, on average, one woman would give birth throughout the entire reproductive period (i.e., from 15 to 50 years) if the fertility level of the year for which the indicator is calculated is maintained at each age, regardless of mortality and changes in the age composition.