Singapore's Ageing Population

capital of Singapores ageing people has been a paradox that the administration has been trying to solve since 1986*. There are some(prenominal) economic and social policy implications of a rapid ageing population, which pass oning affect both the Singaporean society and businesses. ane of the most apparent economic implications is the increase in the doddering age dependency ratio that forget occur within the next 20 years. Currently, 9% of Singapores population is over the age of 65. However, by 2030, this will increase to 19%.* Prime Minister Lee Hsien Long stated that by 2050, the median age will be 54. This trend way of life that there will be fewer working adults to go to after more aged dependents in the future. As Singapore is currently not a welfare state, the demographic changes could especially impact the Gross Domestic Product (GDP) should future government support for the elderly be implemented. The sharp reduction in labour emersion due to the ageing population is estimated to gravel average GDP to slow to 3.9% between now and 2030, passel from 6.9% from 1981 to 2005.

This would be the biggest absolute fall in GDP growth among 16 Asia-Pacific economies. Furthermore, the ageing population is also likely to break public finances as mandatory public grant plans may become inevitable, with additional expenses equal to 7.6% of GDP.** The economic implications will heavily affect businesses. Not only will they will have a smaller labour force to natural selection employees from than they currently do, but the bleak economic outlook will also affect the purchasing power of the customers. Businesses that specifically run to the young will suffer the most as the lease for services to aid the elderly will be prioritised. If you necessity to get a full essay, order it on our website: Orderessay

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