South Korea is the most expensive country in the world to raise a child to the age of 18, according to a recent study, a finding that provides a clear explanation for the nation’s falling fertility rate and the looming population crisis.

The annual study by the Beijing-based YuWa Population Research Institute ranked South Korea top of the list of nations for raising a child, with the cost coming to 7.79 times the gross domestic product (GDP) per capita, Chosun Ilbo, a South Korean newspaper, reported. That works out as KRW365 million (€251,562, $271,957).

China is second on the list, with the cost of bringing up a child 6.9 times per capita GDP, followed by Germany at 3.64 times and France at 2.24 times.

At the same time as spending on children is rising, the number of children being born in the world’s 10th largest economy is going in the other direction. Figures released in March show that the nation’s fertility rate stands at 0.78, meaning that for every 100 women, just 78 babies will be born throughout their lifetimes.