Joo Hyung-hwan, vice chairman of the Low Birthrate and Aging Society Commission, noted on the 26th at a press conference that 'the total fertility rate is expected to rise from 0.75 last year to 0.79 this year.'
The total fertility rate refers to the average number of children a woman is expected to have in her lifetime. According to Statistics Korea, the total fertility rate in South Korea last year was recorded at 0.75, an increase of 0.03 from the previous year. The number of newborns also increased by 8,300 from the previous year to 238,000 last year. This increase in newborns is the first since 2015.
Vice Chairman Joo stated, 'This year, the total fertility rate is expected to reach 0.79, and the number of newborns is projected to rise to 250,000.' He analyzed that the total fertility rate is expected to rise this year compared to last year by examining the number of marriages and the performance of pregnancy and childbirth voucher support.
The government believes that individuals who postponed marriage due to COVID-19 are now marrying and having children, which led to a rebound in the total fertility rate. It is also analyzed that the newborn special loan program, which provides housing funds of up to 500 million won at low interest rates to newlyweds seeking to secure dwellings, has had an impact.
However, there are views that the rebound in the fertility rate may be temporary. It is argued that those who previously had plans for pregnancy are merely aligning with government policies to have children.
Vice Chairman Joo stated, 'South Korea's fertility rate is the lowest compared to the average of member countries of the Organization for Economic Cooperation and Development (OECD), which is 1.51.' He added, 'The golden time to overcome low birthrates is considered to be until 2031.' He further stated, 'During this period, we need to improve the system to reduce the economic burden and opportunity expense associated with marriage, childbirth, and child-rearing.'