JBJ Latest News: China’s birth rate has declined for the first time in decades, according to data from China’s National Bureau of Statistics. This decrease in population growth could have a significant impact on the global economy as it may result in higher labor costs in China due to a smaller pool of available workers.
This could also make it harder for China’s government to fund public health and welfare costs, potentially slowing China’s economy. Reasons for the decline in birth rate include rising living costs and the influence of the COVID-19 pandemic on young women’s decision to delay or forego marriage and children in favor of financial independence and career opportunities.
The population decline is also a concern among business and political leaders at the World Economic Forum’s annual gathering in Davos, Switzerland. China’s population is projected to continue decreasing, with India projected to surpass China as the world’s most populous country by 2024.