Key points from article :
South Korea's fertility rate, already the world's lowest, dropped to a new record low of 0.72 children per woman in 2023.
This decline comes despite government efforts since 2006, including financial incentives, to encourage families to have more children.
The low birthrate is attributed to factors like high living costs, lack of affordable housing and childcare, and a demanding work culture.
South Korea's population is projected to almost halve by 2100 if the trend continues.
Similar issues are being faced by neighboring Japan, where the birthrate also hit a record low in 2023.
Both countries are grappling with aging populations and are urgently seeking solutions to reverse the declining birthrate.
