Effect of population in singapore
Throughout the world and throughout history. The Young has always outnumbered the Elderly. However this is changing. Rapidly.
The World is now witnessing a tremendous change in the ratios of elderly to the young. Over the next 40 years, the population of people aged >60 will grow by 1 billion to 2 billion.
How does the fewer young support the high ratios of elderly? As they grow older, they are likely to be less productive due to health issues. How would the world economy cope with less money and more expenses?
The ageing population in Singapore is growing at an alarming trend. We currently have more than 450,000 people aged 65 and above as of Augus 2011. By 2025, 14 years from now, the ratio of those aged 65 and above will be more than 20% of our population.
Singapore Ratios of elderly to children 2025
By 2050, those aged 65 and above will be almost 30%. Compared to the number of young less than 15. We will see more elderly than kids anywhere we go.
Singapore Ratio of elderly to children in 2050
steroscopeSingapore is also one of the country with the lowest birth rates in the World. We only have 8.5 births in 1,000 population (ranked last 4 countries by CIA World Factbook as of 10 August 2011). Combined the low birth rates and a rapidly ageing population in Singapore, we do have some fundamentally serious consequences.
With a larger portion of the population being older, the productivity and GDP of Singapore may decline. This is because, without spending power due to lower employment rate and income of the elderly, there will be lesser spending in the economy. This will drive down the GDP and the economy in Singapore.
Health care cost will likely continue to rise as demand for health will increase with an ageing population in Singapore.
Hand asking for money
As with a lower birth rates, some families would only have one child and when this child grows up, the ability to support his parents can be a stressful financial burden,
The World is now witnessing a tremendous change in the ratios of elderly to the young. Over the next 40 years, the population of people aged >60 will grow by 1 billion to 2 billion.
How does the fewer young support the high ratios of elderly? As they grow older, they are likely to be less productive due to health issues. How would the world economy cope with less money and more expenses?
The ageing population in Singapore is growing at an alarming trend. We currently have more than 450,000 people aged 65 and above as of Augus 2011. By 2025, 14 years from now, the ratio of those aged 65 and above will be more than 20% of our population.
Singapore Ratios of elderly to children 2025
By 2050, those aged 65 and above will be almost 30%. Compared to the number of young less than 15. We will see more elderly than kids anywhere we go.
Singapore Ratio of elderly to children in 2050
steroscopeSingapore is also one of the country with the lowest birth rates in the World. We only have 8.5 births in 1,000 population (ranked last 4 countries by CIA World Factbook as of 10 August 2011). Combined the low birth rates and a rapidly ageing population in Singapore, we do have some fundamentally serious consequences.
With a larger portion of the population being older, the productivity and GDP of Singapore may decline. This is because, without spending power due to lower employment rate and income of the elderly, there will be lesser spending in the economy. This will drive down the GDP and the economy in Singapore.
Health care cost will likely continue to rise as demand for health will increase with an ageing population in Singapore.
Hand asking for money
As with a lower birth rates, some families would only have one child and when this child grows up, the ability to support his parents can be a stressful financial burden,