How Aging Societies May Affect Global Growth Prospects

Over the next few decades, the United Nations (UN) has projected that the world will experience significant demographic shifts due to lower birth rates and longer lifespans.1 The world’s population aged 65 and above will increase from 12 percent today to 16 percent in 2050, doubling the old-age depe...

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Bibliographic Details
Published in:Global journal of emerging market economies 2017-01, Vol.9 (1-3), p.38-74
Main Authors: Loser, Claudio, Fajgenbaum, Jose, Kohli, Harpaul Alberto, Vilkelyte, Ieva
Format: Article
Language:English
Subjects:
Aging
Behavioral responses
Birth rate
Consumption
Demographics
Dependency
Economic growth
Economic models
Investments
Labor force participation
Labor productivity
Personal savings
Population aging
Population policy
Productivity
Prospects
Side effects
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Summary:Over the next few decades, the United Nations (UN) has projected that the world will experience significant demographic shifts due to lower birth rates and longer lifespans.1 The world’s population aged 65 and above will increase from 12 percent today to 16 percent in 2050, doubling the old-age dependency ratio2 to 25.2. These demographic shifts would have material implications. Population aging and its dynamics will influence a number of economic variables and behavioral responses, particularly economic growth, productivity, labor force participation, consumption choice, personal savings and thus investment, and public finances. Population aging is unavoidable, but public policies and technological advances may limit some of its adverse effects.
ISSN:0974-9101
0975-2730
DOI:10.1177/0974910117747770