South Korea’s suicide rate is highest in the developed world: The suicide rate in South Korea increased somewhat last year and remained the highest in the industrialized world due to the pandemic’s long-lasting effects.
The national statistics office said on Tuesday that there were 13,300 suicides in Korea or 26 per 100,000 people. In 2020, when the ratio was 25.7, it was already the highest among countries in the Organization for Economic Co-operation and Development.
Following recent statistics revealing that Korea had the lowest fertility rate in the world last year, suicide rates have increased. With limited success, policymakers have attempted to address these problems, emphasizing the societal ills beneath one of Asia’s most prosperous economies.
According to Song Min-kee, a Korean Institute of Finance researcher, suicide rates tend to increase with periods of poor economic performance, even if the timing may not always be perfect.
While the economy recovered from its pandemic fall last year, the unemployment rate briefly reached its highest level since 1999.
This year, there have been growing concerns about an economic slowdown, and as interest rates have risen to combat inflation, consumer and company budgets are under increasing stress.
According to experts, pressure at work and school, embarrassment about seeking depression treatment, and a lack of social support for the elderly contribute to Korea‘s high suicide rate.