'Pressure to compete' blamed for South Korea's low birth rate
South Korea has been experiencing a significant decline in its population for several years, attributed to one of the world's lowest fertility rates. According to a recent report from the country's central bank, a key factor contributing to this dire situation is the intense pressure on young individuals to excel in a highly competitive society. This societal expectation is suggested to discourage many from starting families, thereby exacerbating the plummeting birth rate. The decline in the birth rate not only presents immediate demographic challenges but also harbors long-term consequences for the nation's economic stability and social structure. With fewer young individuals entering the workforce, South Korea faces potential issues related to workforce sustainability and the support of its aging population. The central bank's report highlights the need for policy interventions to mitigate these pressures and encourage a reversal in the fertility rate trend.