Essay On Population Growth And Aging

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Population Growth and Aging
The world is on the edge of witnessing a demographic milestone. Since long ago children always outnumbered their elders but the trend is changing, and soon we may have the elderly outnumbering children. The age structure of most nations in the world has been altering as persons have fewer offspring and live longer. The trend is driven by the decline in fertility rates, remarkable increase in life expectancy, and improvement in healthcare provision. According to a report by the World Health Organization, the number people above 65 years of age is projected to grow from an approximate 524 million in the year 2010 to about 1.5 billion in 2050 (2). The increase in population aging has had notable impacts on the health sector and the economy in the world as is discussed in this essay.
Drivers of population aging The age and size of the composition of a population are determined by three demographic processes namely trends in life expectancy, mortality, and fertility. Declining fertility rates is the chief driving force behind the increase in the population of the elderly. Currently,
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15). The increase in aging population leads to an increase in public expenditure as the government strives to provide Medicare and Social Security to cater for the increased number of beneficiaries. Older people have higher chances of falling ill which adds to the already high health care costs. The demographic shift also affects the size of the economy. The Social Security Actuaries are projected to grow in future with a financial burden of public programs for older people. Population aging also causes a reduction in labor supply which leads to an increase in wages (Bloom et al. 27). According to Burtless (2013), the elderly who still work demand premium wages despite being less productive which also hurts the

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