By: Kyu-Yong Lee
South Korea is facing a demographic crisis. The number of babies born decreased from 640,000 in 2000 to 470,000 in 2010, and in 2022, to only 249,000, down 61.1 percent from 2000. The decline is expected to increase risk factors, including a decrease in the supply of new labor, an aging labor force, a decrease in the school-age populatio…