AGEING POPULATION
Definition: An aging population refers to a demographic trend where the proportion of individuals aged 60 and above increases significantly relative to the younger population. This shift results from declining birth rates and increasing life expectancy, leading to a higher median age in the population.
Concept: The concept of an aging population encompasses various aspects, including the economic, social, and healthcare challenges associated with a growing elderly demographic. It highlights the need for policies and systems that support the aging population in terms of healthcare, pensions, and social services.
Global Context
i.Trends: Globally, the population aged 60 and above is growing faster than any other age group. According to the United Nations, by 2050, one in six people in the world will be over the age of 65, up from one in eleven in 2019.
ii.Challenges: Countries with aging populations face challenges such as increased healthcare costs, pension sustainability, and a shrinking workforce. Developed countries like Japan, Germany, and Italy have some of the highest proportions of elderly people, with Japan having 28% of its population aged 65 and above.
iii.Opportunities: An aging population can also present opportunities, such as the “silver economy” – economic opportunities arising from the needs of the elderly. There is potential for growth in sectors like healthcare, elderly care services, and age-friendly products and technologies.