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The role of older workers in population aging–economic growth nexus: evidence from developing countries

Siow Li Lai () and Tien Ming Yip
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Siow Li Lai: University of Malaya
Tien Ming Yip: University of Malaya

Economic Change and Restructuring, 2022, vol. 55, issue 3, No 21, 1875-1912

Abstract: Abstract This study explored the relationship between population aging and economic growth in 74 developing countries between 1990 and 2019, highlighting the vital role of older workers (as measured by labor force participation of older people) in the national economy. A static panel estimator was used to examine the relationship between population aging, labor force participation of older people and economic growth. Results showed a negative association between population aging and economic growth, but the inverse relationship was mitigated by the labor force participation of older people. This indicates that the marginal impact of population aging on economic growth depends on the labor force participation of older people. The mitigating role of labor force participation of older people remained robust in a series of robustness checks. This study provides some policy recommendations to raise the labor force participation of older people to reduce the negative impact of population aging on economic growth. Effective utilization of human resources of older people is essential to bring about sustainable economic development.

Keywords: Population aging; Economic growth; Labor force participation of older people; Developing countries; Static panel estimator (search for similar items in EconPapers)
JEL-codes: J14 J21 O4 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s10644-021-09370-4

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