Social and Economic Dimensions of an Aging Population

Social and Economic Dimensions of an Aging Population

My writing attempts to focus on an older population who are on the spectrum of taking retirement from active participation in work and its effect on the social and economic dimension of a nation. The economical stability and solidarity of a country are determined by its GDP. The fact which cannot be ignored is that the number of old aged labor force opting for a retirement creates a vacuum in the employment sector which is to be filled up by a new labor force. The correlated factors such as fertility rate, mortality rate, immigration, and emigration determine the rate of increase of labor force and hence productivity and these on a whole influence the GDP. The variation of these correlated factors will cause variation in the rate of increase in GDP. Our study in this context is bounded by a demographic forecast on the rate of increase of labor force over a few decades who will come into play as older population retire over these decades and whether that will be able to sustain the present rate of increase of GDP.

Our concern is, depending on all the specified factors what will be our future and national income and whether the society will be capable of improving on the existing social programs or at least try to maintain it.

If we assume that the fertility rate increases and mortality rate goes on a downfall, the population rises and provides a source for more labor. This could be a good indication and awareness needs to be imparted for this. However if the rate of emigration increases, then the scenario will be poorer, the more is the number of people leaving the country, the more is the decrease in the labor force. If emigration is a major concern, immigration will also affect in its own way, it accounts for the number of people entering the country for working purpose. If the rate of immigration and that of emigration are in the same proportion then they get canceled out without imparting&nbsp.any effect on growth economy but things would be otherwise when they differ.

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