South Korea is witnessing a noteworthy demographic shift as its birthrate is poised to rise in 2024 for the first time in nine years. The country, which has recorded the world's lowest fertility rates, saw a 3% increase in the number of newborns between January and November 2024, totalling 220,094. This development coincides with a significant jump in marriages, marking an increase of 13.5% during the same period, with 199,903 marriages recorded—the largest annual increase since 1980.
The South Korean government has implemented various measures to encourage young people to marry and start families. These incentives include financial support in the form of tax cuts and subsidies. Notably, couples who marry between 2024 and 2026 are eligible for a one-time tax cut of 500,000 won (approximately US$349.35) per person. The government aims to adopt a more comprehensive approach to address the issue of low birth rates.
The correlation between marriages and births in South Korea is notably high, with a time lag of one to two years often observed. Marriage is traditionally seen as a prerequisite for having children, which plays a significant role in the timing of childbirth.
In 2023, newborns fell by 7.7%, marking the eighth consecutive year of decline, and the annual fertility rate reached a global low of 0.72. However, the recent rise in marriages in 2023—the first increase in 12 years—has set the stage for an uptick in birthrates.
South Korea's efforts to boost birth rates have been mirrored by similar trends in neighboring countries. For instance, China also experienced a rise in births by 5.8% to 9.54 million in 2024, attributed partly to delayed marriages due to the pandemic.
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