Governments across Asia—in Singapore and Beijing, Tokyo and Seoul—are facing a crisis: plummeting birth rates.
For several decades now, people in East Asian economies have had fewer and fewer children. Last year, South Korea beat its own record for having the world’s lowest birth rate, reporting 0.72 births per woman for 2023, down from 0.78 in 2022. Singapore reported 0.97 births per woman, the first time the rate has fallen below one. Japan has one of the world’s oldest populations, with a median age of 49.5. Hong Kong, Taiwan, and mainland China are all reporting falling birth rates as well.
All of these economies…