New Delhi, June 17 -- Demographics, that seemingly dreary subject involving often-inaccurate projections of population change, has suddenly become as engaging as a sci-fi thriller. The clamour worldwide is no longer just about the threat of rapid ageing in the West and China, but about falling fertility rates across countries as diverse as Brazil, Mexico, Iran and Sri Lanka.

South Korea's total fertility rate is a worrying 0.8. Despite hefty subsidies of 30-80% of market rents for couples with newborns and an astonishing $75,000 baby bonus from one large Korean employer, Korea risks falling short of productive human capital.

This rapid decline to levels well below the replacement rate of 2.1 is a huge problem across East Asia and Europe...