South Korean President Yoon Suk Yeol is preparing to elevate the nation's demographic decline to a top-tier political priority, in the hope of reversing a trend that threatens the long-term health of Asia's fourth-largest economy.Yoon announced a forthcoming secretarial office solely dedicated to the issue during a meeting with his senior secretaries, according to local media citing his spokesperson on Monday.
South Korea's government has already spent more than $200 billion on initiatives designed to support new mothers and encourage larger families, including cash subsidies, infertility treatment, and childcare services.Yet the fertility rate declined for the fourth consecutive year in 2023, according to provisional statistics released in February.