It is expected in the near future that there will be higher proportion of old people compared to younger population in some countries. Is it a positive or negative development? Give your opinion and examples.
Some individuals anticipate a higher ratio of people over 65 years old compared to youths, due to lower birth rate in some countries, especially developed ones, in the coming years. The question is, however, whether this is an advantageous phenomenon or an adverse one. Despite some pros, I firmly believe population aging is harmful to the development of a country. To begin with, youths play an important role in the economic growth of a country and an aging society is one of the major problems every government have to face. Elders rely on a monthly pension given by the government which is usually provided by taxes from young people who work. If a disproportion between the number of young and old generation happens, resolving this problem needs an increase in taxes or declining investment in the productive sectors of the industry which damages the economic growth of the country in the long run. Another issue facing these countries will be the rise in the demand for health care. Old people need more care and special facilities to protect them. Also, health costs for elders are over four times higher than young people. This increase government consumption and cause a reduction in the gross domestic product (GDP) of the country. It is shown in studies that an aging population can lower the GDP by 0.4 percentage point. Having said that, a higher percentage of elders in society can put the brakes on the development of a country. The older the society become, the more care they need and more money needs to be spent on health care and pension money. From the aforementioned reasons, it can be concluded that this phenomenon has negative effects on the development of countries.