A number of Asian economies (Hong Kong, Japan, Republic of Korea, Singapore, and Taipei, China) are currently faced with the challenge of rapidly aging populations, according to an article in Asian Development Review. The paper concludes that population aging is harmful for economic growth due to the decline in the labor participation rate and its negative effect is magnified through the increase in social security taxes and a slowdown in productivity growth.
Poll Question:
Do you think that Asian countries need to take action now to address the aging issue in order to remain economically competitive in the future?
Yes
108
No
35
Not sure
20
