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In an attempt to increase South Korea’s low birthrate, the country’s government has announced that it will triple monthly baby payments. Starting in 2024, couples with newborn babies will be given one million won ($745 USD) per month until their baby is one year old. After that, parents will be given 500,000 won per month until their baby is two years old. South Korea currently has the lowest fertility rate in the entire world. President Yoon Suk-yeol recently described the country’s low birthrate as a ‘national calamity’. In 2021, only about 260,000 babies were born in South Korea. 2020 was the first year there were more deaths than births in South Korea.

In about 80 years, South Korea's population is expected to decrease from about 51 million to 25 million. Experts say that economic factors such as the high cost of living in many major cities and an incredibly competitive job market are reasons why many South Koreans choose not to have children. The country’s declining population is expected to eventually cause an ‘age quake’. An ‘age quake’ is when a country has a high amount of elderly people and a low amount of young people who are able to work; this can cause serious problems such as labour shortages and economic stagnation.