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Implications of Population Aging for Economic Growth

David Bloom, David Canning () and Günther Fink ()
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Günther Fink: Harvard School of Public Health

PGDA Working Papers from Program on the Global Demography of Aging

Abstract: Between 2005 and 2050, the share of the population aged 60 and over is projected to increase in nearly every country in the world. Insofar as this shift will tend to lower both labor force participation and savings rates, it raises bona fide concerns about a future slowing of economic growth. These concerns apply to both developed and developing countries. An examination of past decades' data for OECD countries reveals that life expectancy has increased much faster than the legal age of retirement. Indications are similar in developing countries, which face the additional challenge of getting "old" before they get "rich". This paper analyses the implications of population aging for economic growth. Our main conclusion is that population aging poses challenges that are formidable, but not insurmountable.

Keywords: population aging; economic growth; economic policy; labor force participation; life expectancy; retirement age (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-dem and nep-hea
Date: 2011-01
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Working Paper: Implications of Population Aging for Economic Growth (2011) Downloads
Journal Article: Implications of population ageing for economic growth (2010) Downloads
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