The South Korean Statistical Office stated that the birth rate in the third quarter of 2023 is only 0.73. That number is far below the required standard of 2.1 for a stable population of 51 million. "Time is running out. I hope every government agency approaches the issue of low birth rates with extraordinary determination," he said.

South Korea is experiencing a demographic crisis after new data revealed the low fertility rate in the country, which is nicknamed the ginseng country. According to recently released statistics by Statistics Korea, there were 249,000 babies born in the year 2022.

The following is the translation of the given 'Bahasa' text to 'English' while preserving any html tags: "The number has experienced a decrease of 4.4 percent from previous years and noted that this is the third consecutive year that the death rate has exceeded the birth rate in the fourth largest economy in Asia. "The average number of babies expected per woman in South Korea during her reproductive years has dropped to 0.78 in 2022, down from 0.81 the previous year," said the report, cited from Aljazeera."

It is recorded that the population of South Korea began to decline for the first time in 2021, and it is projected to further decrease to 38 million by 2070. Experts analyze that the birth rate must reach at least 2.1 to maintain the country's population stability with 52 million people.

The following 'Bahasa' text translated to 'English' while preserving any html tags: "The declining birth rate has raised concerns that a declining population could severely damage South Korea's economy due to a shortage of workforce and the swelling of welfare budgets as the number of elderly people increases and taxpayers decrease. The funds spent on pension budgets are feared to drain the country's economy in the coming decades. Source: Liputan6.com"