815 Wk6 Disc 2 Reply

BY DAY 7

Respond by Day 7 to at least two colleagues in one or more of the following ways:

• Provide additional resources or information to support your colleague’s post.
• Suggest other strategies for managing the factors that impact the economy in question.
• Offer alternative viewpoints and insights.
• Ask for clarification.

 

JALEE

Chinese Economy

Factors related to the aging population in China that impact its economy are labor supply/production, consumption and investment demand, and the social welfare system (Hsu et al., 2022).  China started a one child policy in the late 1970s (Hsu et al., 2022).  The policy decreased the fertility rate, which caused an increase in the older adult population (Hsu et al., 2022).  Not having enough working individuals, puts a strain on economic stability (Hsu et al., 2022).  In October 2015, China allowed couples to have two children, but the fertility rate did not recover as rapidly as hoped (Hsu et al., 2022).  It is expected that by 2035, the older adult population will be more than 20% of China’s total population (Hsu et al., 2022).  The production power of the economy will diminish due to China having less working age individuals (Hsu et al., 2022).  With having less working age individuals, China will suffer a shortage of goods and services (Hsu et al., 2022).  Cheap labor will decrease, causing other economies to take over with lower labor costs (Zuo& Yang, 2009).  Export and investment demand will drop, causing a decrease in labor demand (Zuo& Yang, 2009).  Social security is affected when the aging population retires and less individuals are contributing to it (Zuo& Yang, 2009).

Managing Impact

One strategy for managing the impact on China’s economy related to the aging population is to relax the birth control policy (Zuo& Yang, 2009).  More children should be allowed per family, to stop the decrease in birth rate, which would increase the number of working age individuals (Zuo& Yang, 2009).  Another strategy for managing the impact of China’s economy is to improve human capital accumulation and the capacity for institutional and technological innovation (Zuo& Yang, 2009).  This will help with industrial and economic growth (Zuo& Yang, 2009).  A third way to increase China’s economy is to raise the retirement age (Zuo& Yang, 2009).  By raising the age individuals can retire, more money will be put into social security (Zuo& Yang, 2009).

References

Hsu, Y.-H., Yoshida, H., & Chen, F. (2022). The impacts of population aging on China’s economy. Global Journal of Emerging Market Economies, 14(1),

105-130. https://doi.org/10.1177/09749101211067079Links to an external site.

Zuo, X., & Yang, X. (2009). The long-term impact on the Chinese economy of an aging population. Social Sciences in China, 30(1), 197-208.

https://doi.org/10.1080/02529200802704027Links to an external site.

 

YONETTE

Aging Population in the Caribbean (Trinidad and Tobago)

In the Caribbean (Trinidad and Tobago), demographic change is accelerating. The old-age dependency ratio for the Caribbean increased from 10 in 2000 to 14 in 2020 and will increase to 20 by 2030 and 28 by 2045 (Sidorenko et al., 2007). Between 2020 and 2045, the number of persons aged 65 and over in Trinidad and Tobago will double while the size of the working-age population (aged 15 to 64) will remain roughly unchanged. Aging is a long-term demographic trend affecting virtually all countries, although the process is more advanced in some countries than others. The increasing number of older persons and their longevity presents new challenges and opportunities for societies and policymakers. Challenges include

• increasing pension and healthcare costs,
• the greater need for long-term care services, and
• the increasing number of persons suffering from non-communicable diseases.

Strategies for Managing the Impact

The international community’s priorities and objectives for addressing these challenges were set out in the Madrid International Plan of Action on Ageing (MIPAA). MIPAA was adopted at the Second World Assembly on Ageing in 2002 (Sidorenko et al., 2007). The Madrid Plan identified three broad priority directions: older persons and development, advancing health and well-being, and ensuring enabling and supportive environments. The priority direction of the MIPAA for older persons and the action starts by addressing the issue of “active participation in society and development.” It includes recognizing the contribution of older persons and the inclusion of older persons in decision-making and making recommendations for action on barriers (or enablers) to greater participation, such as attitudes, discrimination, lack of resources or information, and the involvement of older women. It also addresses matters impacting older persons’ economic security, including work, social protection, and income security (Sidorenko et al., 2007). Longer life expectancy is a significant accomplishment, but older persons can only enjoy those years if they maintain good health. The second priority for MIPAA is to make policies and programs to promote healthy aging in the following thematic areas: chronic non-communicable diseases, healthcare access and coverage, and long-term care services to support healthy aging and improve overall population health in the Caribbean (Sidorenko & Walker 2004). Finally, with a growing number of older persons, there is increasing focus in research and policymaking on the need to create more age-friendly, socially inclusive communities. Safe and supportive environments encourage older persons to participate in social and recreational activities, critical aspects of later life health and overall well-being (Karev& Doron, 2017). The social policies and programs that Caribbean countries have implemented to provide supportive environments for older persons consist of four sections addressing housing, social participation, disaster preparation and response, and elder abuse. Each section starts with an overview of the existing state of research and with attention to the implications for later life health and well-being.

References

Karev, I., & Doron, I. (2017). The Human Right to Leisure in Old Age: Reinforcement of the Rights of an Aging Population. JOURNAL OF AGING & SOCIAL POLICY, 29(3), 276–295. https://doi.org/10.1080/08959420.2016.1261388Links to an external site.

Sidorenko, A. V., Mikhailova, O. N., & Anisimov, V. N. (2007). Implementation of the Madrid international plan of Action on Aging: The Role of Research. Archives of Gerontology and Geriatrics, 44(Supplement), 365–370. https://doi.org/10.1016/j.archger.2007.01.050Links to an external site.

Sidorenko, A., & Walker, A. (2004). The Madrid International Plan of Action on Ageing: from conception to implementation. Aging and Society, 24(2), 147.