South Korea is dying (but it has a plan)

Summary

South Korea, an economic giant, faces an unprecedented demographic crisis with plummeting birth rates, currently at 0.72, far below the 2.1 needed for population replacement. The government's response includes building a new city, Sejong, designed to be family-friendly with affordable housing and advanced infrastructure, aiming to reverse the trend. However, challenges like a lack of public transportation and 'soul' may hinder its success, emphasizing the urgency of addressing the issue for the nation's future.

Takeaways

• 🌟 South Korea is an economic powerhouse, home to international conglomerates like Samsung, Hyundai, LG Electronics, and Kia Motors, despite its low birth rates.
• 📉 South Korea's birth rates are plummeting at an alarming rate, with the fertility rate at 0.72, far below the replacement level of 2.1, leading to a potential population extinction.
• 🏢 The government is planning to move the capital from Seoul to a new city, Sejong, in an attempt to reinvent a more family-oriented society and address the demographic crisis.
• 👶 In 2023, the number of newborns in South Korea was only 230,000, a 7.7% decrease from the previous year, indicating an urgent demographic issue.
• 🏙️ The high cost of living in Seoul, including housing prices over $740,000 for an average-sized apartment, contributes to the reluctance to start families.
• 🚗 Sejong city is designed with modern infrastructure, focusing on family life with parks, affordable housing, and a higher birth rate compared to the rest of the country.
• 💡 The initiative to build Sejong city shows that the population decline might be reversible with the right urban planning and social welfare policies.
• 🚶‍♂️ Sejong's lack of a public transportation system is a significant oversight that affects its attractiveness as a family-friendly city.
• 🌐 The city is technologically advanced, with touch screens, QR codes, and digital information boards, promoting a future-ready environment.
• 🌳 Sejong is powered by renewable energy and emphasizes green spaces, including an artificial beach, aligning with eco-friendly living.
• 🤔 Despite the potential of Sejong city, challenges remain, including the need for a stronger social welfare system and addressing the lack of transportation infrastructure to ensure its success.

Q & A

Why is South Korea considered an economic powerhouse?

South Korea is considered an economic powerhouse due to its significant Metropolitan economy, which is larger than cities like Shanghai, Beijing, Sydney, and Moscow. It is home to international conglomerates such as Samsung, Hyundai, LG Electronics, and Kia Motors.

What is the current situation with South Korea's birth rates?

South Korea's birth rates are plummeting at an unprecedented rate, with the number of newborns in 2023 being 230,000, a 7.7% decrease from the previous year. The fertility rate is at 0.72, which is significantly below the replacement level of 2.1.

What is the potential consequence of South Korea's low fertility rate for its society?

The low fertility rate could lead to South Korea's population and culture dying out. If the birth rate remains low, the population will decline rapidly, threatening the very existence of the nation.

What is the government's plan to address the demographic crisis in South Korea?

The government is building a new city called Sejong, approximately 120 km south of Seoul, with the aim of creating a more family-oriented society and potentially reversing the population decline.

How does the new city of Sejong differ from Seoul in terms of urban planning and living conditions?

Sejong is designed with a focus on family life, featuring affordable housing, parks, playgrounds, and schools. It is technologically advanced, with renewable energy and digital infrastructure, but it lacks a comprehensive public transportation system.

What is the current birth rate in Sejong, and how does it compare to the rest of South Korea?

Sejong has a birth rate of 0.97, which is higher than the national average but still below the replacement level of 2.1. It has had more children born there than anywhere else in South Korea for the past three years.

What are some of the challenges faced by the new city of Sejong?

Sejong faces challenges such as a lack of culture and a deficient transportation network, which may deter people from relocating there despite the benefits of affordable housing and family-friendly policies.

How does the cost of raising a child in South Korea compare to other countries?

Raising a child in South Korea is extremely expensive, costing more than 7.7 times the GDP per capita, which is the highest rate in the world. In comparison, in Germany and France, it costs 3.6 and 2.2 times the GDP per capita, respectively.

What is the role of the 80,000 Hours organization mentioned in the script?

80,000 Hours is a nonprofit organization that provides free advice to help people find fulfilling careers and tackle the world's most pressing problems. It is not directly related to the main topic of the script but is mentioned as a sponsor of the video.

What was the population growth trend in South Korea during its economic boom?

During South Korea's economic boom, the population also experienced significant growth, doubling from 20 million in 1950 to 40 million by 1983, and reaching 51 million by 2016.

How does the demographic situation in South Korea compare to other developed countries?

While falling birth rates are common in developed countries, South Korea's situation is particularly drastic, with a record-low birth rate and a rapidly aging population that could lead to severe societal and economic consequences.