Increasing Life Expectancy is a Catastrophe in Economy

Life expectancy - Economic factors

There are many predictions cast about the future of the world. Many people worry about the impending ‘dooms day’ that will destroy and crashed the whole planet. Some studies deny this infamous ‘myth’ as experts claimed that an increased longevity is something that people will be celebrating come the 21st century.

Although life expectancy seems to be increasing in the near future, there are growing concerns and

Booming Age

An essential feature of an ageing population is the persistent ageing of older population in the population itself.

A big chunk of older people can be traced in the more developed countries but the faster pace of this age group occurred mostly in less developed nations. By 2030, statisticians predict that the increasing number of older people in less developed countries would multiply by 140% while a projected 51% surge is seen in more developed countries.

In US, there is a rapid growth and same trend when it comes to life expectancy. In the beginning of the 20th century, Americans are expected to live 79 years but by the end of the century experts believed that it will climb in 100 years.

The lengthening of life seems to become a global phenomenon. In a brief span of time, the Europeans added 10-15 years in their life span and is expected to have 70% increase of older people in the commencement of new century.

Life expectancy has risen greatly over the years. Women will have 5.3 years longer compare to men, down from 7.8 years in 1979. While we can predict averages such as lifespan, we may be surprised about its riffling effect to the economy.

The Disease

People may be surprisingly healthy in the 21st century but the recipient of the disease will be the economy.

The global phenomenon on increasing life expectancy, together with the recession and the process of globalization, could spell doom in the global economy and will leave us in a situation where older workers cast an economic catastrophe.

The longevity will result to an expansion of demand for health, housing, commodities, and pensions. The World Trade Organizations believed that the public sector would no longer be efficient in providing social services.

The degree of future impact will be dependent to the ability of individual economies to push reforms on privatization, migration and pension.

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