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The numbers of the elderly population keep growing day by day with the gap between their younger counterparts still reducing due to the low fertility rates. In the 20th century the world population doubled, however this is not likely to happen again since the fatality rate is…
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Age invaders The numbers of the elderly populationkeep growing day by day with the gap between their younger counterparts still reducing due to the low fertility rates. In the 20th century the world population doubled, however this is not likely to happen again since the fatality rate is going down day by day. The effect of aging people on the economy is profound. Most of the investment companies in the United States slowed down the rate of investment in the United States owing to the fact they had less manpower to provide services in the companies. Thus, this is likely to bring about a stagnation in the in the industry growth leaving the country with the already established companies without any further growth. The old age at the same time, will reap off the workers. The number of retiring people will increase with an un-matching injection of the same to the economy. Hence, this will lead to a slowed growth in the economy.
The most affected sectors are the ones that need the young non-educated people in the industry. Some of the works that need the educated people with more skills have not be affected much with the increased number of the old. This is so since most of the educated workers in the United States and Europe above the age of 60 years are working at the rate of 65 percent. At the same time, much money is paid to the aging. For instance, by the year 2010 12 percent of the wages were being paid to people more than the age of 60 (The Economist Print)
To curb shortage of work to some extent, there is need to emphasize on education to ensure that people work for longer into their old age. This is because most of the work done by the un-educated people get harder day by day since it needs more energy. However, this will affect some other sectors of the economy that need manpower. Some countries like Japan have utilized the robots to carry out manual work in the industries.
Works cited
The economist Print. "Age invaders." 26 April 2014. The Economist. Read More
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