The aging population in Hong Kong
The impact of the aging population in Hong Kong
Describe the problem now
According to Government's latest territorial population projections, the population in Hong Kong is expected to remain on an ageing trend. The elderly population aged 65 and over is projected to boost significantly from 13% in 2009 to 28% in 2039 (Hong Kong Population Projections, 2010). The aging population has caused alarm to the society; we must recognize the seriousness of the problem and act it before we have to pay the costly bill of our society.
The causes of the problem
Hong Kong residents are among those with the longest lives on the earth (The Changing Face of Hong Kong People,201?), the expectation of life is increased and it enables more people to live beyond age 65 .It is because the substantial improvement in living conditions, health services and better educated by promoting healthy lifestyles such as proper diet and exercise are well-established during the past four decades. Those causes definitely have a vital role to play in maintaining life expectancy for people.
Long life expectancy is a good phenomenon for people themselves. However, Hong Kong people shall face a severe challenge of an ageing population, which may have adverse impacts both on our economy and society.
Let explore the economy part first. An ageing population will have an impact on shrinkage the labor force as the number of persons in working ages will grow slower than the overall population growth (Li, 2006). If the workforce is decreased, it will lead the bad impacts on productivity and economic growth. The GDP for one people will decline obviously. The economic will be downturn because of the GDP. Also, aging population means that there is much more retirement, then the declining size of the workforce is appeared in the market. The remaining working population has to increasingly bear the tax burden and they need to take care of the elderly....
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