Sovereigns - Asia: aging in key economies will drag on growth and finances, with global credit implications

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<title>Sovereigns - Asia: aging in key economies will drag on growth and finances, with global credit implications</title>
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<dateIssued>2023</dateIssued>
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<abstract displayLabel="Summary">The demographic dividends that drove productivity and rapid growth during the 1990s are dissipating for a large number of economies in Asia. These dividends arose from an increase in labor supply, partly driven by the growing entry of female workers, and the resulting boost to productivity. Now, the region's population is aging at a faster pace than any other globally.
Six economies  China, Hong Kong, Japan, Korea, Singapore and Taiwan  comprising one-fifth of the world's population, will experience particularly rapid declines in their working-age populations, dropping about 10 percentage points by 2050 to 59% of their total populations on average. Meanwhile, the 65-and-over population will increase to more than one-third of the total by 2040, and to 36% by 2050. While Japan currently has the world's oldest population, with 30% aged 65 and above, Korea will overtake it by 2046 and cross 39% by 2050</abstract>
<note type="statement of responsibility">Anushka Shah... [et al.]</note>
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<topic>Envejecimiento de la población</topic>
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<topic>Análisis demográfico</topic>
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<topic>Mercados financieros</topic>
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<topic>Proyecciones demográficas</topic>
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<title>Sector in-depth</title>
<partNumber>report number 1371091 ; 26 July 2023</partNumber>
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