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Home Business The number of people over 65 years of age is increasing in the country

The number of people over 65 years of age is increasing in the country

by endroar
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Benefits of demographics

Economists and analysts say that if a country's working population (ages 15 to 64) increases and its dependent population (from zero to ages 14 and over 65) decreases, the demographic dependency ratio tends to favor the country.

Although the number of elderly people has increased in the last five years, more than 60 percent of people in the country are still working. Hence, this is the best time to take advantage of demographics. Because, this advantage of public policy will not last long. As the average life expectancy increases, the number of elderly people will increase. Analysts feel that a country can reap the dividends of demographics only when the majority of its population is working. To take advantage of this, the working population should be properly utilized.

In the 1960s and 1990s, Hong Kong, Singapore, South Korea, and Taiwan benefited from the demographic dividend and achieved phenomenal economic growth.

Meanwhile, as the number of elderly people in the country has increased, the average age of the people in the country has naturally increased.

In 2019, the average age of people in the country was 28.96 years; In 2023 it has increased to 29.26 years. However, the average age of women is higher than that of men. In 2023, the average age of women in the country was 29.42 years and that of men was 29.09 years.

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