World's richest man Elon Musk makes big claim about baby crisis in Singapore and other countries, says...

Tech magnate Elon Musk recently brought attention to a pressing issue in many Asian countries, including Singapore, South Korea, and Japan: declining fertility rates paired with ageing populations. Musk, who has consistently advocated for higher birth rates to avoid a global population collapse, commented on Singapore's "baby crisis" in response to an article. This trend is also mirrored in China, Hong Kong, and even India.

Declining Fertility Rates

Worldwide, fertility rates have halved over the past 70 years. However, in countries like South Korea, Japan, and Singapore, the numbers are especially concerning. Women in these nations had an average of five children in the 1970s, but now, fertility rates have fallen drastically. In South Korea, the rate is an unprecedented 0.72 children per woman, while Singapore's is at 0.97. Japan, already the world's fastest-ageing country, has recorded its lowest fertility rates since 1947.

The reasons behind this steep decline are varied. In South Korea, economic pressures and high housing costs have led to the "three giving-up" generation, referring to young women foregoing dating, marriage, and parenthood. Marriage rates in the country have also plummeted, with 19.5% of its population now aged above 65. Experts predict South Korea's population could halve by 2100 if this trend persists.

Similarly, in Singapore, an increasing number of women in their childbearing years are choosing to remain single. The country’s senior citizen population is expected to hit 24% within six years, potentially classifying it as a "super-aged society."

How governments are responding?

Countries are adopting unique strategies to tackle this crisis. Singapore is leveraging technology, incorporating robots to counter workforce shortages. The nation has deployed robots across various sectors, including security, cleaning, and food delivery. Changi Airport, for instance, uses robot patrols to improve efficiency.

South Korea, on the other hand, is offering financial incentives. Women having children receive a cash bonus of $1,850, along with monthly payouts for childcare. Additional measures include free daycare, subsidized childcare leave, and even organized blind dates to encourage partnerships.

Despite these efforts, the challenge remains significant, reflecting deeper societal and economic issues impacting family planning.

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