Myanmar is an outlier in a new World Bank report that reveals most Asian countries are facing ageing populations and a rapidly diminishing workforce.
The report, entitled “Live Long and Prosper: Ageing in the East Asia and Pacific”, notes that the East Asia Pacific region is now home to one-third of the world’s over-65 population, roughly 211 million people. As these people leave the workforce and enter into more intensive healthcare services, economies and government policies will have to adjust in order to continue positive growth.
But Myanmar’s 65 and older population makes up just 5.8pc of the total, making it one of the youngest countries studied in the report.
China, Japan, Korea, Thailand and Singapore are all expected to face quickly shrinking working-age demographics, losing more than 10 percent of the labour force by 2040, which would translate to about 90 million fewer workers in China alone.
But Myanmar is expected to grow about 1pc in that age demographic over the same period, joining Cambodia, Philippines, Indonesia and Laos as countries that will see growth in the employment pool.
Countries’ development and wealth were found to be factors in the shift, correlating with rising life expectancies and lower fertility rates. The 65 and older populations in high income economies like Japan and Korea stood at 14pc of the total in 2010, and are expected to reach 36pc by 2060. (Courtesy of MMTimes)
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