71949
Asia’s Aging Population Will Affect Future Workforce
Asia’s Aging Population Will Affect Future Workforce

Asia’s Aging Population Will Affect Future Workforce

Asia’s Aging Population Will Affect Future Workforce

While Japan had the biggest slump in its workforce in Asia over the last 10 years, Singapore has the most to fear from an aging population over the next two decades. The city state will face a double whammy: a shrinking workforce and slower progress than Asian neighbors in getting more people into the labor market.
According to a new study from Oxford Economics, Singapore’s labor supply growth–after accounting for changes to the participation rate–will shrink by 1.7 percentage points in the 10 years through 2026 and by 2.5 percentage points in the decade after that. That’s the worst of a dozen economies in a report by Louis Kuijs, the Hong Kong-based head of Asia economics at Oxford, Bloomberg reported.
Almost all Asian nations will face demographic challenges over the next two decades, and efforts to boost labor participation rates–for example, by drawing more women into the workforce and raising the retirement age–will only marginally limit the negative impact.
In Singapore, immigration restrictions can partly explain an expected drop in working age population growth from 2027, even as Kuijs credits foreign labor inflows for helping boost that pool over the last decade.
South Korea and Taiwan also will be hard hit by declining labor supply in the decades to come, while for some countries, the pain is only delayed: Thailand’s workforce growth will barely decrease over the next 10 years, but should see a 1.1 percentage point yearly drop in the decade thereafter.
The grim rule of thumb for the region: A 1-percentage-point decline in labor supply growth in any of these areas would shave off a half-point to two-thirds of a percentage point in GDP growth.

 

 

Short URL : https://goo.gl/7nhQGt
  1. https://goo.gl/qNz2da
  • https://goo.gl/Bsb18j
  • https://goo.gl/TFHSZT
  • https://goo.gl/iUSP7P
  • https://goo.gl/MUHzZw

You can also read ...

US has accused ABLV of money laundering and breaching  sanctions on North Korea.
The European Central Bank said Saturday it has determined that...
Mexico Hosts 39 Million Tourists, Earns $21 Billion
Mexico saw record revenues from international tourism in 2017...
S&P Ups Russia to Investment Grade
Russia received a long-awaited upgrade to its sovereign rating...
Debt to GDP ratios across the OECD averaged 73% last year and its members are set to borrow $14.67 trillion from the markets this year.
The world economy is at risk from a rising tide of government...
Peru Deficit Narrows
Peru had a current account deficit of 1.3% of the gross...
China’s Geely Buys $9 Billion Daimler Stake
The founder of Zhejiang Geely Holding Group Co. has...
Manafort Indictment Spells Trouble for Bankers
Recently filed federal charges against President Donald Trump’...
Thorny issues such as content rules for  cars remain unsolved.
It’s looking increasingly likely Nafta talks will extend...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus