The fertility rates have fallen in all five Nordic countries over the last years. However, in 2021, the birth rates increased again in all five Nordics countries, besides in Sweden, where the fertility rate stayed the same. This can be explained by the higher number of babies born during the COVID-19 pandemic. In 2022, Iceland had the highest fertility rate of the Nordic countries, with *** children born per woman in reproductive age. The global trend of decreasing fertility The Nordics are not the only region with decreasing fertility rates. Globally, fertility rates have been on a steady decline since 2000. While lower-income countries have had more significant declines, they still have more children born per woman than higher-income countries. In 2000, almost * children were born per woman in low-income countries, decreasing to **** in 2021. By comparison, nearly **** children were born per woman in high-income countries, falling slightly to **** by 2021. Overall, in 2023, Niger, Angola, and the Democratic Republic of Congo had the highest fertility rates, while Taiwan, South Korea, and Singapore had the lowest fertility rates. Impacts of low fertility Greater access to education, challenges between work-life balance, and the costs of raising children can all be linked to falling fertility rates. However, this decline is not without consequences, and many countries are facing social and economic challenges because of aging and shrinking populations. For example, in Japan, where nearly ** percent of the country is aged 65 or older, an increasing proportion of the government expenditure is going towards social security benefits. Moreover, the very low unemployment rate in Japan can partially be attributed to having a shrinking labor force and fewer people to support the economy.