IMPACTS OF POPULATION AGING ON SOCIO-ECONOMIC DEVELOPMENT IN VIETNAM

Nguyen Thi Huong, V.N.U. University of Education, Vietnam
Pham Thu Phuong, V.N.U. University of Economics and Business, Vietnam

Published in

INTERNATIONAL JOURNAL OF BUSINESS RESEARCH
Volume 19, Issue 2, p45-52, June 2019

ABSTRACT

The population aging is one of the largest demographic changes in the world today. The demographic transition due to aging of the population is and will create huge impacts on all activities of the socio-economic status of each country and each people. According to the World Health Organization (WHO), averagely, two people reach the age of 60 every second or it means, every year the world welcomes around 58 million people over the age of 60. On average, there will be 01 person aged 60 in a total of 9 people, and this ratio will be 5:1 by 2050. Currently, the world has about 901 million elderly people, accounting for 12.3% of the population. This number will increase to more than two billion people by 2050, accounting for 22% of the world population. The population aging is characteristic of high-income countries, not low-income countries. In fact, Vietnam is a middle-income country, but has entered a period of population aging at a very fast pace. This impact greatly on labor productivity in Vietnam in the coming time; therefore, Vietnam needs appropriate policies to cope with the current population aging issue.

Keywords

population, population aging, consequences of population aging, policies to reduce rate of population aging, Vietnam.


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