The world’s aging population has worried economists and governments for decades, and for good reason. Rising life expectancy and falling fertility have paved the way for a dramatic shift in the way society is structured.
Globally, the number of older people is expected to exceed the number of children for the first time by 2047. The shift in Asia is especially pronounced - the population of those aged 65 and above is projected to increase by 314% over the next 50 years.
This poses some serious challenges. Older people require higher levels of healthcare spending and there are increased pension costs. Plus, of course, when people stop working and earning, it is inevitable that countries’ income tax revenue will decline.