By 2050, the population growth rate in Asia is expected to hit zero, while its share of working-age people, which is now at its peak, will start declining soon, warned the International Monetary Fund (IMF).
If not addressed robustly, this will have a big impact on growth rates, said the IMF, adding that countries needed to prepare for such a scenario. One way was to raise labour participation rates among the elderly and women. The IMF also said Asian countries need to learn from Japan’s ageing population to avoid a similar situation.
Singapore has been at the forefront of using new strategies to cope with our ageing population - for example, by raising the re-employment age from 65 to 67 and boosting female labour participation rates.
What other ways can Singapore address the issue of our ageing population?