In recent times, the average age of the population has increased by a significant number implying that the younger workforce has reduced which directly affects the development of a country . Furthermore, it impacts the efficiency of major sectors such as medical, construction, sport, research etc. This essay will discuss practical solutions that can minimize the impact of the older population.
The main reason of increasing elderly people is because the younger generation leave their country for better job opportunities and education. Each country has it’s own prominent sectors and younger generation generally tailer their choices considering it. For example we will find more engineers and startups in USA as it has best entrepreneur and technological sector whereas, Germany have larger count of students because of their educational facilities.
To overcome these problems, government should start new initiative to provide better job, education and research facilities for every sector in which the youth is more focused. Furthermore, organizations can allot sufficient budget for promotion of sectors which are beneficial for better economic growth. For example, earlier in India most of the entrepreneurs migrated to USA as it provided better culture for startups. However, after government’s initiative of Make in India, encouraged the youth to manufacture and trade their product from India. Thereby, mitigating the impact of aging population.
In conclusion, while the effect of aging population is increasing on the nation’s economy it can be solved by proper investment and analysis of interest of their youth to reduce their emigration.