This reflection asks you to discuss the phenomenon of Population Aging and the many implications that go along with this phenomenon such as economic, health care quality, and social systems. For this assignment, you are required to read the “Global Health” article.
According to Arthur Guarino, Assistant Professor of Finance and Economics at Rutgers University Business School, nations will have to make changes or face slower economic growth and increased social costs to deal with aging populations. Guarino discusses this phenomenon as a deeply troubling issue for economists and policymakers, this phenomenon is known as the “Population Aging Phenomenon”.
The Population Aging Phenomenon is a major concern since it has numerous global economic and financial implications impacting economic growth, health care costs, and social support systems. According to the “Global Risks Insights” website, the United Nations projected that by the year 2100 the world’s population will become 11.2 billion and from that 3.2 billion will be at least 60 years old. Even before that occurs, the Second World Assembly on Aging stated that individuals over 60 years old are beginning to outnumber children under the age of 15, however, developed nations attained this distinction in 1998 (Guarino, 2017).
Improvements in healthcare and fighting infectious diseases such as polio, malaria, and HIV mean people are living much longer. Furthermore, families are shrinking in size as women, on average, will bear 2 children by 2100 rather than the present 2.5 children. Combine this with an increase in more people over age 60, then the aging population will only increase over time. The economic implications of an aging global population have many dimensions that developed and developing nations are trying desperately to confront.
Please research, discuss and brainstorm the many implications of the Population Aging Phenomenon. Such implications can include (but are not limited to) economic, social, psycho-social, healthcare, environmental, education, demographic etc. What does it mean to have a global aging crisis? What are the advantages and disadvantages of an aging nation/ globe? What is most alarming, in your opinion, about the Population Aging Phenomenon? Moreover, this paper also asks you to look at a nation experiencing this phenomenon (any nation of your choice, you can choose the USA if you like) and discuss how this nation is handling their aging population. What are the implications this nation is dealing with, in regard to, an aging population, and how are they handling them? Discuss how we can improve and or eliminate the issues associated with the Population Aging Phenomenon.