Our global population is growing. This is no big secret. Many people realize the impact of the growing population around the world. However one aspect of the conversation that needs more attention is the global impact of the aging population on the global economy. Between the years 2025 and 2050 the global population of people over the age of 65 and order is expected to double to roughly 1.6 billion people around the world.
While living longer is generally a positive though, a steep growth in aging populations can impact the global economy and the division of labor and care.
Aperion Care has developed an infographic that is meant to illustrate how aging population growth will impact the global economy. As populations around the world continue to grow and healthcare becomes more widely available, people will be living longer than previous generations. The goal of the infographic is to show where in the world older populations are increasing and how they will impact the economy.
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Let’s take a look at what they found:
- By the year 2050, the number of people in the world 65 and older will double from 10% to 20%.
- By 2050, food production must increase by 70% to feed everyone on the planet.
- When the global population reached 7 billion in 2012, 562 million people (8%) were aged 65 and older. In 2015, the older population rose by 55 million and the proportion of the older population reached 8.5%.
- An aging population is bad for the economy for several reasons. It means not only a smaller workforce but also higher dependency rates. A smaller workforce means less taxes are being collected and reduces the country’s ability to generate Gross Domestic Product (GDP). It many countries, it also means that more individuals are withdrawing from social services.
They also tracked the fastest growing populations of people aged 60+. The top ten is listed below:
- United States Virgin Islands (10.9%)
- Japan (9.9%)
- Malta (9.3%)
- Finland (7.3%)
- Republic of Korea (7.2%)
- Aruba (7.0%)
- Martinique (6.9%)
- China, Hong Kong SAR (6.9%)
- China, Taiwan Province of China (6.7%)
- Curacao (6.6%)
Another big concern beyond the economic impact of the globally aging population, is the need for people to care for this aging population. Many countries around the world have a dire forecast regarding the amount of people available to take care of the older population as they age. A full breakdown of this is provided in the infographic below.