The Asia-Pacific region has weathered the challenges of the global pandemic, but a new issue looms large: its rapidly aging population. According to the International Labour Organization’s (ILO) latest report Asia-Pacific Employment and Social Outlook 2024, this demographic shift poses significant challenges to the region’s labour markets and economic prospects.
AGING POPULATION UNEMPLOYMENT TRENDS AND CHALLENGES
Unemployment in the Asia-Pacific region is projected to stabilize in 2024 and 2025, but significant variations exist between sub regions and countries. The ILO report highlights the persistent issue of working poverty and informality, despite decades of economic growth.
AGING POPULATION ; IMPACT OF AGING POPULATION
The report underscores the rapid population aging in the Asia-Pacific region, with implications for the economic dependency ratio and sustained economic growth. East Asia and South Asia are expected to face substantial challenges due to demographic shifts.
AGING POPULATION ; OPPORTUNITIES FOR CONTINUED GROWTH
Despite aging populations, the region can achieve continued income growth per capita with strong productivity growth. However, structural barriers and a lack of training opportunities need to be addressed to unleash the region’s full potential.
AGING POPULATION ; POLICY RECOMMENDATIONS
The report emphasizes the need for significant policy reforms to reduce inequalities, improve labour market prospects for older workers, and ensure equitable pension systems. Social dialogue involving workers, employers, and governments is crucial to address these challenges effectively.
