There are many reasons. Some are cultural, but in some ways it’s just ahead of what will happen everywhere eventually. Japan is even further along with a very aging population, but what makes SK stand out is the speed of which the birthrate dropped (and surpassed Japan on it’s way down).
I noticed with some Korean friends that they do in fact want to have children (they have a partner, a house, etc) but know once they get pregnant the company will try to push them out. A difficult issue as I believe it’s officially illegal to fire women for pregnancy, so instead they pressure you in subtle ways and make you quit yourself. Then after raising your child it’s quite hard to get back into the job market.
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