Hit hard by China's deepening demographic crisis, thousands of famed kindergartens have been closed as enrolment of children dropped sharply across the country due to a significant decline in birth rates. Watch this report for more details!

Number of Kindergartens in China Witness an Excessive Drop

In an unprecedented move to tackle low birth rates in South Korea, the country's President Yoon Suk Yeol made a unique announcement: establishing a ministry to address the issue.

In an unprecedented move to tackle low birth rates in South Korea, the country's President Yoon Suk Yeol made a unique announcement: establishing a ministry to address the issue. The president said that he plans to establish a new government ministry which will handle the “national emergency” of the infamously low birth rate of the country which is grappling with a demographic crisis. President Suk Yeol, in a televised address, stated that he will ask for the co-operation of the parliament in establishing the Ministry of Low Birth Rate Counter-planning. “We will mobilise all of the nation’s capabilities to overcome the low birth rate, which can be considered a national emergency,” President Yeol said. Also Read: South Korea marks hottest April since 1973, average daily temperatures go 2.5 degrees higher Later speaking in his first press conference held since August 2022 to mark two years in office, Yoon accepted that his administration has fallen short in its efforts to improve the lives of people. He vowed that the next three years of his term would be used to improve the economy and address the issue of low births. The country's demographic crisis is likely to have been caused because of a number of factors. These include the frustrations of Korean couples with the rising cost of living and deteriorating quality of life. President Yeol calls for improvement in economic performance President Yeol said that there is a need to improve the country's economic performance. "I think the important thing going forward is indeed the economy. Corporate growth and job creation are important too but what I think is more important is to try harder to look for what is inconvenient in the life of each and every person and to resolve them," said the South Korean president. While speaking at the conference, he was standing behind a plaque which read: “The Buck Stops Here”. The ministry is set to address the challenges which will contribute to the fast-ageing population and record low birth rate. "This is not a matter we can take time to work on," he stated. Watch: Gravitas | The Great Indo-pacific Battle: South Korea Wants to Join AUKUS Military Alliance Against China The South Korean government as well as policymakers have been making efforts to discover new and innovative measures for addressing the crisis of decreasing child birth rates. The fertility rate of South Korea, which is the number of children a woman is expected to give birth to in her lifetime - decreased to 0.72 in 2023, which has fallen by eight per cent from 2022, as per the preliminary data from Statistics Korea in February. In order to motivate parents, the government has introduced a scheme in which South Korean couples will receive financial assistance from 35 million won (approx. $25763) to 50 million won (approx. $36804) in the form of different incentive and support programmes from the time of the birth of their child till they become seven year old. (With inputs from agencies)

This country will now get its own ministry for birth rates. Here's all you need to know about it

Since 1978, China’s birth rate has plunged to its lowest levels, according to the latest data released by the country’s national bureau of statistics. Only 8.5 births per 1,000 people were reported in 2020, highlighting that it was the first time in decades that the figure has fallen below 10.

China's birth rate plummets to its lowest level since 1978

Ballooning healthcare costs, labour shortages and financial services for the elderly: for the first time Sunday, the world's top policymakers are tackling economic issues relating to ageing and shrinking birthrates.

<a href="https://www.wionews.com/world/trade-war-tariff-threats-to-challenge-g20-finance-leaders-solidarity-225361">G20 finance ministers and central bank chiefs meeting</a> in Japan - where a rapidly ageing population is a major domestic problem - have been warned to address the issue before it is too late.

"What we are saying is, 'If the issue of ageing starts to show its impact before you become wealthy, you really won't be able to take effective measures against it'," Japanese Finance Minister Taro Aso, the meeting's host, told reporters late Saturday.

<a href="https://www.wionews.com/world/g20-agrees-to-push-ahead-with-digital-tax-report-225566">The G20</a> is a mixed bag of countries at various stages of development and population profiles, ranging from rapidly-ageing Japan to Saudi Arabia, next year's G20 chair, which has a very young society.

And host Japan is eager to share its experience, with Aso sounding the alarm that nations must be ready to act before population ageing rears its head and piles pressure on the economy.

Longer life-expectancy and sliding birth rates, particularly among wealthy nations, have resulted in a rapid expansion of the elderly population in places like Spain, Italy and South Korea, according to the Organisation for Economic Co-operation and Development.

But the pattern is not limited to the rich world, with emerging powers like Brazil and China also facing "rapid demographic change" relative to their early development stage, according to the OECD.

By 2050, the world is projected to have more than two billion residents aged 60 and above, more than double the number in 2017, OECD says.

But many economies have failed to update their pension and employment systems to adjust to the changing demographics, experts warn.

This has resulted in fiscal and debt risks for whole countries, as well as individuals.

'Workforce is shrinking'&nbsp;

OECD chief Angel Gurria sounded the alert in an interview with AFP on the sidelines of the meeting in the western Japanese city of Fukuoka.&nbsp;

"You basically have a very large portion of mankind that is ageing and then the workforce is shrinking. But I would say the G20 in particular are ageing faster," the OECD secretary-general told AFP.

"These are trends that will continue, I am afraid. It's not something you can suddenly stop."

With its fast-shrinking workforce, Japan finds itself scrambling to find ways to cover the cost of its national pension.

It has left many elderly fearing cuts to their benefits, while young people worrying that a pension may not exist by the time they retire.

Meanwhile, a shrinking labour force means Japanese firms are unable to fill job openings, with the national unemployment rate standing at 2.4 percent.

And individuals are increasingly working beyond the traditional retirement age, while economies must offer jobs that older workers can perform, experts said.

Technology may help train elderly workers as well as to assist them access necessary services like healthcare and to manage their finances.

So global leaders in the finance sector not health ministers must take the lead, said Aso.

'Cover your pension'

Sunday's talks aim to prepare the ground for the leaders' summit in Japan's Osaka at the end of the month, as ageing becomes an increasingly pressing issue for the global elite.&nbsp;

"Most of the G20 nations already experience or will experience ageing," said Bank of Japan governor Haruhiko Kuroda. "We need to discuss problems that arise with societal ageing and how to deal with them."

"There is no nation that says ageing issues don't affect them. So we believe the discussions will be productive," added a senior Japanese finance ministry official.

As a way to counter the economic impacts, Gurria called for elderly workers and women to play a greater role in the workplace and urged young people to prepare better for their financial future.

A solution to the issue, Gurria said, requires "changes to the way society organises itself."

"Depending on how prepared you are, you are facing an uncertain future, which already has enough uncertainties," Gurria said.

"What you don't want is to have certainty that you don't have enough money in order to cover the pension," he said. 
&nbsp;

Ballooning healthcare costs, labour shortages and financial services for the elderly: for the first time Sunday, the world's top policymakers are tackling economic issues relating to ageing and shrinking birthrates.

Ballooning healthcare costs, labour shortages and financial services for the elderly: for the first time Sunday, the world's top policymakers are tackling economic issues relating to ageing and shrinking birthrates. G20 finance ministers and central bank chiefs meeting in Japan - where a rapidly ageing population is a major domestic problem - have been warned to address the issue before it is too late. "What we are saying is, 'If the issue of ageing starts to show its impact before you become wealthy, you really won't be able to take effective measures against it'," Japanese Finance Minister Taro Aso, the meeting's host, told reporters late Saturday. The G20 is a mixed bag of countries at various stages of development and population profiles, ranging from rapidly-ageing Japan to Saudi Arabia, next year's G20 chair, which has a very young society. And host Japan is eager to share its experience, with Aso sounding the alarm that nations must be ready to act before population ageing rears its head and piles pressure on the economy. Longer life-expectancy and sliding birth rates, particularly among wealthy nations, have resulted in a rapid expansion of the elderly population in places like Spain, Italy and South Korea, according to the Organisation for Economic Co-operation and Development. But the pattern is not limited to the rich world, with emerging powers like Brazil and China also facing "rapid demographic change" relative to their early development stage, according to the OECD. By 2050, the world is projected to have more than two billion residents aged 60 and above, more than double the number in 2017, OECD says. But many economies have failed to update their pension and employment systems to adjust to the changing demographics, experts warn. This has resulted in fiscal and debt risks for whole countries, as well as individuals. 'Workforce is shrinking' OECD chief Angel Gurria sounded the alert in an interview with AFP on the sidelines of the meeting in the western Japanese city of Fukuoka. "You basically have a very large portion of mankind that is ageing and then the workforce is shrinking. But I would say the G20 in particular are ageing faster," the OECD secretary-general told AFP. "These are trends that will continue, I am afraid. It's not something you can suddenly stop." With its fast-shrinking workforce, Japan finds itself scrambling to find ways to cover the cost of its national pension. It has left many elderly fearing cuts to their benefits, while young people worrying that a pension may not exist by the time they retire. Meanwhile, a shrinking labour force means Japanese firms are unable to fill job openings, with the national unemployment rate standing at 2.4 percent. And individuals are increasingly working beyond the traditional retirement age, while economies must offer jobs that older workers can perform, experts said. Technology may help train elderly workers as well as to assist them access necessary services like healthcare and to manage their finances. So global leaders in the finance sector not health ministers must take the lead, said Aso. 'Cover your pension' Sunday's talks aim to prepare the ground for the leaders' summit in Japan's Osaka at the end of the month, as ageing becomes an increasingly pressing issue for the global elite. "Most of the G20 nations already experience or will experience ageing," said Bank of Japan governor Haruhiko Kuroda. "We need to discuss problems that arise with societal ageing and how to deal with them." "There is no nation that says ageing issues don't affect them. So we believe the discussions will be productive," added a senior Japanese finance ministry official. As a way to counter the economic impacts, Gurria called for elderly workers and women to play a greater role in the workplace and urged young people to prepare better for their financial future. A solution to the issue, Gurria said, requires "changes to the way society organises itself." "Depending on how prepared you are, you are facing an uncertain future, which already has enough uncertainties," Gurria said. "What you don't want is to have certainty that you don't have enough money in order to cover the pension," he said.

In historic first, G20 weighs ageing as global risk

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