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Korea to spend W38.4tr in 2017 to tackle low birthrate, aged society


· 每日跟讀單元 Daily English

South Korea will spend 38.4 trillion won this year on tackling the low birthrate and aging population as such trends can hurt Asia’s fourth-largest economy by reducing its workforce and driving up welfare costs, the health ministry said Friday.


The Ministry of Welfare and Health said the budget for 2017, finalized during a meeting of a government evaluation committee, is set to increase 8.8 percent on-year. A large portion of the money will be spent on creating more jobs for young people. A lack of jobs has been cited as one reason why many South Koreans are not getting married, which is hurting birth rates.


Childbirth in South Korea dropped to a record low last year by reaching 406,300, down 7.3 percent or 32,100 births from a year earlier, according to a report by Statistics Korea. The figure marked the lowest number of newborns since 1970 when the statistics agency started compiling such data.


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