What is a aging population:
An ageing population means a larger number of older people in a country, usually due to longer life expectancy and lower birth rates.
How an Ageing Population Can Be Good for the Economy:
Older people often have savings and pensions, which they spend on healthcare, travel, and services, helping businesses grow.
They can share experience and skills by mentoring younger workers.
New industries grow, like healthcare, elderly care, and senior-friendly products.
Many older people volunteer, reducing pressure on public services.
Advantages:
Stable workforce – older workers bring experience and reliability.
Increased demand for healthcare and services creates jobs.
Boost to certain industries like tourism, housing, and medical care.
Stronger community support – many seniors help with childcare or volunteering.
Disadvantages:
More pressure on healthcare and pensions, costing the government more.
Fewer young workers – could slow down economic growth.
Increased retirement age may be needed to support the economy.
Possible labour shortages in physically demanding jobs.
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