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OECD Member Countries Face Record Low Fertility Rates

OECD Member Countries Face Record Low Fertility Rates

OECD reports a sharp drop in fertility rates among its 38 member countries, reaching a record low of 1.5 in 2022, down from 3.3 in 1960. The essential rate for population stability, 2.1, is only met by Israel. Notably, South Korea's rate stands at a mere 0.8, expected to drop to 0.7 in 2023. Factors contributing to this decline include later childbearing and economic pressures, with housing costs being a significant deterrent.

The trend towards childlessness is particularly pronounced in Italy, Spain, and Japan, where between a quarter and nearly a third of women remain childless. This reflects broader societal changes where economic independence and housing challenges complicate the path to parenthood.

Policy recommendations emphasize enhancing gender equality and providing financial support for families. However, even with these measures, achieving the replacement fertility level appears unlikely. Therefore, strategies such as immigration and extending working lives are proposed to adapt to a future characterized by lower birth rates.

This demographic shift highlights a significant transformation in societal structures and economic dynamics, requiring innovative approaches to maintain economic vitality and social cohesion.

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