The 2024 Outlook for Population Policy

Abstract

Korea’s demographic transition has been characterized by the unprecedented pace of the total fertility rate decline, population aging, and population decline. The government, in response, embarked in 2006 on the Basic Plan for Low Fertility and Aging Society, which is now in its fourth iteration. The government has recently announced new policy directions addressing the challenges of low fertility and aging population. Based on these directions, the 4th Basic Plan for Low Fertility and Aging Society is set to undergo revisions this year. The year 2024 is also important in that, with the 5th Plan coming up next year, there is so much to do to wrap up the policies implemented under the 4th Plan and assess their outcomes. Further policies should be established so that marriage, childbirth, and childrearing are choices for happiness. Additionally, a sustainable social foundation must be built that enables people of different generations to live in solidarity, coping well with living in a country where the population is increasingly aging.