Trinity Wilson
One may never think that the aging population of a city could have significant effects on the economy. This article “Aging populations could hurt Asian growth” explains the rapid age growth and the effects on Asian countries. The Asian Development Bank suggested in order to ensure that the Asian economy will not fall, there must be a strategy. This demographic transition will have an impact on jobs between now and 2050 as the e ratio between the elderly and working age people will quadruple according to “chief economist at ADB.As a result the Asian countries need to find ways to sustain economic expansion by providing assistance to the elderly. Furthermore, pension, healthcare and social security programs need strengthening for the future.
Furthermore, with the projections of the economy slowing down due to the rapid growth in age, demand is slowing down as well. The bank’s concern is the decline of export growth in Asian countries that came from the European and US debt demand. The debt of European and US Government needs to make labor markets more flexible. It will be difficult to see countries like Indonesia, Korea, Malaysia and China where money, services and wealth are centralized in urban cities gradually decline. Unfortunately, if these areas do not plan properly there will be more jobs than available people. Also, this could also lead to de-industrialization and their factories now moving to a different location.
On the contrary by the time this actually occurs things could be different. That is, technology would be more advanced which won’t require the man power of the public that will be retired or elderly. Overall, the cities that may be affected by this change are going to have to plan accordingly to maintain the great opportunities that urbanization has brought to these areas.
http://www.bbc.co.uk/news/business-14897133
1 comment:
I found this blog to be interesting because it talked about what we learned the other day from the classroom speakers. How in different countries, especially in the United States there aren't enough people having children which is causing tax payers to spend more money on the older people, since they are living longer. I feel like this is really interesting because we aren't having kids like they use to back in the day, but that is because the way the world is no one seems to have time.
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