Birth Rates in Rich Countries Halve To Hit Record Low

Birth rates in the world's rich economies have more than halved since 1960 to hit a record low, according to a study that urged countries to prepare for a "lower fertility future." From a report: The average number of children per woman across the 38 most industrialised countries has fallen from 3.3 in 1960 to 1.5 in 2022, according to a study by the OECD published on Thursday. The fertility rate is now well below the "replacement level" of 2.1 children per woman -- at which a country's population is considered to be stable without immigration -- in all the group's member countries except for Israel. "This decline will change the face of societies, communities and families and potentially have large effects on economic growth and prosperity," warned the Paris-based organisation. Faltering population growth acts as a drag on economic expansion. Across the EU, the rise in overall labour force participation will soon not be enough to compensate for its falling working-age population, exacerbating labour shortages, according to the IMF and European Commission's 2024 ageing report. Coupled with rising life expectancy, low births also put pressure on public finances as they leave fewer people contributing the tax revenues needed to pay for the rising costs of an ageing population. A lack of pupils is also driving an increase in school closures across Europe, Japan and South Korea.

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