Positive and Negative Aspects of an Ageing Population - Essay Example

An Ageing Population Introduction Saudi Arabia is located in the continent of Asia in the Middle East to be precise; it is a Country with relatively functional economic structures. The Country has for a long time until recently experienced high population growth. In the earlier part of the twentieth century, its internal Demand for water and electricity was extremely high, forcing the government to advocate for private investors to step in so as to assist in meeting the demand by minimizing water cuts and the high need for power (Oxford Business Group 125). In its Energy sector the Saudi Arabian Oil Company is the largest and most important energy company in the world (Oxford Business Group 129). Saudi Arabia is undoubtedly the largest oil producer in the world and the biggest company in the Middle East. It performs fairly well in other economic areas; for instance, its tourism sector flourishes with millions of tourists flocking some of its resorts for vacation and water sports especially due to the clear waters of the red sea. Their real Estate and construction sector is attractive as renting is becoming fairly rampant; the country owns gold mines in the South along the red sea and Bauxite and Phosphate in the North (Oxford Business Group 170). All the same its government’s major priority is to diversify its economy as it is currently heavily dependent on oil and gas. An Ageing Population An ageing population consists of those 60 years and above.The huge gap between supply and demand initially in Saudi Arabia could be explained by the high population growth that took place in the country; in fact, it was at the time ranked to have a 46% higher birth rate than the world’s usual average population growth. This high population in Saudi Arabia was represented by an extremely young population; it is estimated that 70 % of its population were less than 30 years with 45% of this given bracket being under 15 years (Oxford Business Group 138). This translated into around 30% of the older population quite a small number; Initially between 2000 and 2005 the ageing population of 60 years and above declined in most Arab countries, Saudi Arabia Included; due to the high birth rate. However, recently there was a huge shift in events when in Saudi Arabia and other oil exporting countries such as United Arab Emirates such that the fertility and birth rate greatly declined resulting in an increase in the number of the ageing population (Gopal and Tikhvinsky 104).it is now estimated that by 2045, 15 % of the population will be aged as from 60 years and above due to the decline in birth rate in the later part of the twentieth century. Thus the country will have a higher number of the aged as compared to the young. Advantages The ageing population is considered a great contributor to the universal cultural heritage in form of traditional expression, performance, language, customs, rituals, music and more so traditional art, craftwork and wisdom (Gopal and Tikhvinsky 104).This has resulted in the evolution of social values in society in the process of transitioning from traditions to modernity. In Saudi Arabia especially their authoritative nature has been of great importance in the family unit and also in the implementation of concrete structures generally in society wherein authority is given its rightful position. The developments in Saudi Arabia can be traced back to the great contributions by the aged population. It has created working opportunities from outsiders; a large population of Saudi Arabia’s workforce is sourced from other nations. This is because migrant workers are now presented with a chance to work in the country as the larger population is old and has retired or is fast approaching retirement. The country has also managed to attract Foreign Direct Investments that have assisted in upholding the economy; it is in real sense the largest recipient of foreign Direct Investment (FDI) in the Middle East. The privatization of sectors such as healthcare has made it more attractive and compelling for investors to penetrate into the Saudi Arabian Market (Gopal & Tikhvisky 130). The elderly that were self-employed receive assistance from the government through social security allowances that help in covering some of their crucial needs. Those that were working for the government access a pension fund for themselves, while the disabled receive a reasonable amount of monthly allowance. Thus, they are not entirely neglected even when under their own self-care; furthermore those that are widowed, divorced and homeless are provided with free shelter care in any of the social care centers operational throughout Saudi Arabia (Al-Gabbani 23). Disadvantages Life expectancy has immensely increased as a result of modern services especially the healthcare. Out of this older population research reflects that three quarters of them that are over 45 years are obese; worse still most of those that are over 60 years are being diagnosed with heart diseases with an increasing rate of 9.3% every given year (Oxford Business Group 211).This is of great concern especially because the supply of medical facilities is extremely low and overstretched in comparison to the great demand. This puts pressure on the government in trying to set up special health centers that can address this health issue especially for the aged population. It becomes extremely expensive for the government such that by 2005 the government spent $ 13.2 billion in 2010 it was as much as $18.6 billion on healthcare; unfortunately it is only likely to go higher considering the percentage at which the older generation is falling ill. By 2016 the health-care expenditure is estimated to have reached $20 billion yet government income is uncertain and unpredictable altogether. Tasks carried out by the older generation are not of any economic value yet the family holds them as very crucial assets as they cannot dispense them. Thus, as a result the family becomes the main support system, especially those that are Muslim feel compelled to do so as it is a blessing to take care of parents in the religion’s context (Oxford Business Group 200).More so, homes for the aged can only be accessed by those that are capable and privileged in society. This places a great burden on the family as financial needs are overstretched and could even result in the dropping out of children from school. This brings forth a great concern since the global economy is more and more knowledge based with even the simplest of jobs needing sophisticated skills. It’s further saddened by the fact that the government has acknowledged this has started to put emphasis on it, which is a step towards the right direction.Education In the long run is meant to help in securing the government’s economic development plans yet some children are unable to access it. The aged population represents a shrinking workforce wherein labor productivity is decreased and growth of capital stock also goes down .This mostly because very few of them had the chance to access an education when growing up; wherein 76.1 % were illiterate, 11.5% could read and write and 7.6 % went to school with some holding college degrees or higher certificates of education in Saudi Arabia (Al-Gabbani 18). Thus the essential skills required in the workforce globally are in lack thus economic growth can hardly be felt. Conclusion The ageing population occupies a considerable position in the modern world, the government and international agencies (Gopal and Tikhvinsky 106).This is essentially sensible as they previously engaged in politics, the globalization of education, culture, technology and even the economy that they are now considered to be dependent on. All the same the bracket of the aged population is estimated to only grow more even though at a small pace. Therefore, proper care and management for the elderly should be brought into perspective, even if in terms of an extended working period for them. Work Cited Al-Gabbani, Mohammed. “Aging Population In Saudi Arabia: Changes and challenges.”August, 2008: 1-30. Print. 17 February 2015. Gopal, Sarvepalli and Tikhvinsky, Sergei. “History of Humanity: the twentieth century.” United Nations Eductional , Scienntific and Cultural Organization 8 (2008): 100- 130. Print Oxford Business Group. “The Emerging Saudi Arabia.” 2007: 100- 220. Print. 17 February 2015. Read More