The specter of a low birthrate is haunting the nation faster than expected.



According to a report released by Statistics Korea, the number of childbirths in Korea fell for the 15th month in a row in February. Newborn babies numbered only 30,600 in February, down 12.3 percent from the previous year.



It's the lowest number of births for any February since 2001, when the statistics office began compiling such data. This year's number of newborn babies could fall below 400,000 for the first time after hitting a record low of 406,300 in 2016.



Korea has one of the world's lowest birthrates. Its total rate stood at 1.24 in 2015, which is far lower than the replacement level of 2.1 that would keep Korea's population of 51 million stable. As a result of this trend, Korea's working age population will begin declining this year. Korea will soon become an aged society where more than 14 percent of the population will be 65 years or older.



More worrisome is that the birthrate is falling even more rapidly although the government spent 102 trillion won ($90.5 billion) from 2006 to 2016. Demographic changes offer tougher challenges, given that the nation's growth potential will be undermined while welfare expenses are surging.



It's not difficult to figure out why the birthrate keeps falling, but tackling the problem is easier said than done.



Young people hesitate to marry because of employment woes, low income and soaring housing costs. Even if they get married, many of them shun having babies for fear of childcare and education obligations for their children. Women, in particular, abhor childbirth, burdened by career interruptions and the shortage of public childcare centers.



In the run-up to the May 9 snap election, presidential contenders have promised new childcare subsidies, better parental leave programs and cash incentives for having a second child. But most of such pledges appear to be a rehash of the government's failed policies.



What is needed is the next leader's determination to combat the looming "population cliff" by all means possible. The next president needs to learn this lesson from Japan, which has succeeded in reversing its falling birthrate with bold policies, including appointing a new minister exclusively for the population problem.



