Exploratory Data Analytics of Total Population Over Fertility Rate in South Korea

Abstract

The Republic of Korea is experiencing a demographic crisis with low birth rates and aging population. As the present circumstance represents a developing danger to the supportability of its economy, schooling, accounts, and protection, there is a critical requirement for definite and comprehensive activity. South Korea is one among the world's quickest maturing nations. There might be a crucial impact forecasted if the country does not mitigate this growing jeopardy on the population. In this paper, we designed a prediction model using the machine learning algorithm such as multiple linear regression on the total population and fertility rate data to do the exploratory data analysis about the future trend in the population and its impacts which would affect the wellfare of the nation. The correlation and prediction results showed an accuracy of 98%, with a declining trend of the fertility rate for the upcoming years as well. We evaluated the prediction model performance using root mean squared error and mean absolute error values in the training and testing of the model. Therefore, we concluded the paper with the future challenges for the country having such population trends.