How Will the Current Decrease in South Korea’s Birth Rate Affect Its Economy?

     South Korea, now most popular for K-pop and its fast technology, has reported the lowest statistic in an unexpected topic: birth rate. According to Douthat, the fertility rate of South Korea, which once reached about three births per woman in the 1980s, has now reached 0.7 births per woman.  People speculate that South Korea will soon face a crisis due to a decreased labor force that contradicts South Korea’s labor intensity. However, will South Korea face the fall? Despite the concerns, the chances of South Koreans losing their homes from poverty are very low. The country’s experience of recovering from an economic crisis and robust technological and cultural basis will be the main reasons a country with a low fertility rate maintains its well-being.

     To thoroughly understand the current circumstances in Korea, one has to understand what has caused the decrease in the fertility rate. The news company SBS investigated this problem several years ago. They explain that it is human instinct that teenagers in their 20s are reluctant to have a baby. Most animals on Earth tend to live in an adequate population, as being abundant will result in a lack of resources. It is the same for Koreans. Compared to the size of the country, there are too many people living in it. Since it is even more challenging for the citizens to find new land to live in modern civilization, they seek a solution by decreasing the population. As stated, it will lead to a lack of labor force and an economic crisis.

     Although Korea will soon face hardship, the experience of recovering from suffering, IMF, can be a big help. In 1997, South Korea faced a financial crisis due to the government's excessive plan to improve the country's finances, the IMF financial crisis. Very few people could run away with the economic burden and have grudging time. Unexpectedly, everyone started to donate gold they owned for everyone to be financially stable. Everyone has hope with everyone's aid, and the government could successfully implement appropriate policies to stabilize the economy. The descendants will inherit the experience of successful results of cooperation like this. As a result, there is a high possibility that citizens will find their way out. 

     After suffering, Koreans' immense development allowed them to have noticeable technology and culture worldwide. Through the development of atomization, the need for physical labor has decreased. Furthermore, SAMSUNG and other large companies have successfully advertised themselves worldwide. Although they would also inevitably be affected by the upcoming danger, having worldwide fame would greatly help in times of suffering. Like technology, Korea's culture, including K-pop and K-food, is also world-famous. Focusing and expanding those markets could give the country a last hope to boost back. 

     While we recognize the problem, its cause, and how plausible this crisis will be, we should not already give up. The possibility of success from the country's experience and innovations that we have made should give people hope and motivation to work harder.