Dear MEL Topic Readers,
The fertility crisis is here and it will permanently alter the economy
The total fertility rate is the expected number of children born per
woman in her child-bearing years, usually between 15 and 45 years old. A
fertility rate of 2.1 is needed to keep populations constant, which is called
the replacement level. Of the 204 states and districts listed by the UN
Population Fund, 28 states/districts have a lower than 1.5 fertility rate,
including major economies like South Korea, China, Japan, Spain, and Italy. The
average fertility rate among 38 world’s largest economies in 2022 was just 1.5
children per woman, a significant drop from 3.3 in 1960. Also, about half of
those listed states/districts have less than 2.1 children per woman. If low fertility
rates continue, deaths will outnumber births. Also, societies with low birth
rates need workers who sustain the economy and pension funds, especially in
aging societies like China, South Korea, and Japan. AI will improve
productivity but hands are still needed to make, handle, and carry things and
care for people. Will gender equality and fairer sharing of work and
childrearing improve low fertility rates? Will immigration mitigate the aging
population and low fertility rate problems?
Read the article and learn about the economic impacts of the low
fertility rate.
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