The Global Economy is quietly aging

[CTO114]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

[The Cryptovator]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

Each country's economic structure is built differently. While reading your post, I realized you are from a developing or poor country. Though my country is classified as a developing country, the bitter truth is it's a poor country. The government gives us fake hope by claiming to be a developing country. These economical issues are less prevalent in the developed country.

However, the global economy hasn't been controlled by any single government; it depends on many reasons. We can't control something even if we want to, and we realized it during the Iran-US war how the oil price reacted and affected the global economy. However, though a developed country has inflation issues, compared to a poor country, they're very few. Governments have to focus on creating more jobs to reduce these economic issues.

[Fiatless]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

Some of these countries would have to depend on immigrants to cover the reduction in population growth. This is because some of the policies that have been put in place by some developing countries to encourage high birth rates are not yielding the required fruits.

In my country, the best brains are migrating to countries where they can earn high and enjoy a higher quality of life. These nations that are experiencing population growth stagnation are massively recruiting from developed countries.

There are also projections that artificial intelligence could help in reducing the effects of an aging population. These tools could perform tasks that would have been handled by humans.

[freedomgo]

I am positive we will not reach that point, although the advantage of technology now could reduce the workforce since it avoids redundant work, I am still positive that there will be more job offers in the future.

Maybe we just think of the negative effect, but in reality, lots of opportunities has not been fully explored yet, I have read many stories that AI could reduce job demand and many jobs are already affected by this, but there is no way we will stop because of that. If there is no demand in that area, we explore other areas, and it is the responsibility of the government to create jobs for those affected.

What about the agriculture sector? We all eat, so maybe we can improve on that matter, after all if we can feed ourselves through what we raise and plant, then maybe we will not need to work anymore.

[Jessie2121]

For me immigrants can help in a long while but how long can a particular country depend on it? We should face all these to the government because they have the key to make the economy not to experience that weakness, is their responsibility to start looking for a way to make things favor everyone and to be more productive. In some countries the budgets they have in some of the sectors if not all the sectors can be functional till they leave office but they are more concern about them distributing the funds within themselves before it will get to where it's suppose to get to. That is why in a country like Nigeria it happens a lot and is like a normal thing we see everyday and nobody is saying anything, they make it look like they care but they are gradually killing the strength of the economy same as other countries too it happens, although the complains we hear from some of these countries are nothing compared to that of an African country.

[Mahiyammahi]

In my opinion, the global economy is definitely going through changes. The tax system that you mentioned is also undoubtedly important. But I think that the economy of a country is most affected by corruption. We know that corruption exists in more or less all countries. But corruption at the political level has the most devastating impact, because its impact affects the entire state system. If we could quickly and effectively curb corruption, it would be much more possible to build a stable and sustainable economy.

[Cryptomultiplier]

In my opinion, the global economy is definitely going through changes. The tax system that you mentioned is also undoubtedly important. But I think that the economy of a country is most affected by corruption. We know that corruption exists in more or less all countries. But corruption at the political level has the most devastating impact, because its impact affects the entire state system. If we could quickly and effectively curb corruption, it would be much more possible to build a stable and sustainable economy.

The issue of corruption is but a flip side of the coin because we know how AI technology and automation has taken over most jobs all in a bid to boost productivity and while this is good, the earning and spending ratio of the population is drastically reduced because there would be so much products available without any money to buy them or no money to pay taxes and this would overly affect the economy in so many ways than one.

[Fortify]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

The world is aging? Humanity has been going through cycles of development and improvement for centuries. It's actually a great thing that populations are shrinking, especially if it's universal and some are not breeding like flies that supplant others. People have been a bit of a curse to most wildlife and nature on the planet, pillaging it relentlessly for food, living space or even just entertainment. We have extracted the worlds resources like a plague of locusts, but eventually they will run out and hopefully we have found a way to get off this rock by that point. There's a chance we are the only intelligent life out there, with perfect living conditions that incubated us for billions of years - it could all be wiped out by a stray asteroid, solar flare or something equally serious.

[sunsilk]

And that's because of how a lot of these governments incompetency. The younger population to young adults don't want to have children anymore because they understand that raising a child is expensive.

So even if they're going to give tax breaks and tax incentives for their people to have child so that they can be the next generation to lift up their economy.

A lot from the population will just ignore that and will live to their means of having no child.

[Joy_learns_crypto]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

Not every country is suffering aging population I don’t know why you think we are having an aging crisis, a high percentage of the world is aged 15 to 30 and ages 30 to 45 are still youthful X
The global economy is aging not that the workforce is aging, there arent even enough jobs and young people are unemployed.
The world is quietly heading to an unemployment crisis. In Africa with all of its youthfulness crime rates are high because of unemployment.

[ZAINmalik75]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

The reason for shrinking workforces is because less people are interested in manual labour since most of them are into digital monetization. Social media platforms have given people the opportunity to make money by creating content with less effort and more freedom, even those with low or zero education are also found doing the same thing nowadays, because all it takes is for the algorithm to push your content once, and then you will start making money if you keep doing that consistently. People have realized that it's easier to make money this way than to do labor.

However, we are still too far from the time when the vast majority will only be making their incomes through digital channels, and field labour will be managed only by AI and robots operated by humans. For now, there are still a lot of people who are into jobs and doing manual labour for an income, but over time, the dynamics will change, however, it won't happen so soon, will probably take decades for things to start shifting.

[Jewan420]

The situation in my country is that the youth say there are not enough jobs but the jobs say there are not enough skilled workers. So what is the main reason for unemployment in my country? Employment or skilled workers? In a natural answer, you can say lack of skilled workers here.

But I will say here is the lack of government action. The main reason for not creating employment and not getting skilled workers is government negligence. We cannot blame the government in all cases, but the education system that is needed to turn the people of a country into skilled workers does not yet exist in my country. It is also the government's job to pay attention to why private employment is not being created or why the youth are not creating self-employment despite being unemployed. A country is developed only when the people of the country are developed. Lack of a proper education system and complications in creating self-employment are the main reasons for unemployment. If private employment is not developed, unemployment will never go away in a country. The students of the country should be encouraged to be entrepreneurs from their childhood so that at least 10% of the students become entrepreneurs. Even those facilities should be provided.

[Hypnotizer]

The issue of corruption is but a flip side of the coin because we know how AI technology and automation has taken over most jobs all in a bid to boost productivity and while this is good, the earning and spending ratio of the population is drastically reduced because there would be so much products available without any money to buy them or no money to pay taxes and this would overly affect the economy in so many ways than one.

Corruption is a really big problem in the world’s economy and I’m not sure if it can be solved in its entirety, I don’t seriously consider the automation a big issue atleast for now but even if it’s becomes one when it’s eventually takes over many jobs in the future (nearest future), I expect either the people to find other means of livelihood to sustain themselves or the government create some form of a dependent system for the citizens to increase the availability and circulation of money for the economy.

The Global Economy is changing rapidly and any sensible person in the world is trying to find and learn a skill incase of any future job shortages that might be cause by AI automation and lots more…

[programmer3666]

It is already happening in many countries. People are having fewer children, while more people are living longer, which means there are fewer young workers supporting a growing number of retirees. A good case is Japan. The country has an aging population and many companies struggle to find enough workers. The government also spends a lot more on pensions and healthcare because there are more elderly people than before.

[Exitoral]

If you look closely this are countries that are doing very well economically. I don't just get it why will a working economy suffer this. If you look closely at third world countries, they don't suffer that. Take Nigeria for example, the world largest and youngest generation in the world. Seems with being poor comes more kids and being rich requires less children. We should look closely in this and identify the shift. Even China with over a billion people is already suffering from the same fate of aging pollution.

For me I think the shift happened when family are no glorified as something better than a job. You see everybody prioritizing wealth building over family and we praise such things. What will happen over time is that we won't like to go into something that won't give us praises from the society. The best thing to do now is to give praises to people that prioritize family building over wealth creation even though wealth creation is necessary. The balance ♎ must come back. For those that can do the two, good for them.

[bangjoe]

And that's because of how a lot of these governments incompetency. The younger population to young adults don't want to have children anymore because they understand that raising a child is expensive.

So even if they're going to give tax breaks and tax incentives for their people to have child so that they can be the next generation to lift up their economy.

A lot from the population will just ignore that and will live to their means of having no child.

There is also a lot of speculation that marriage is complicated and having children is expensive, as an example we can take is Japan where they have a decline because it is there socially, culturally and economically causing people to have a very selective mindset and having children becomes an option not an obligation that should be a milestone in the birth of a new generation, even the death rate is higher than the death rate, in Europe also some areas have experienced a significant decline in births.

Indirectly, it will slow down the economic growth and space for a country to move, a declining population means that the roots of a nation will be lost.

[Adiljutt156]

In past for many decades the different economic models used to think that the continuous population growth along with steady expanding their workforce works best , as we see that birth rate is declaning and life expectancy increases that concept is becoming non reliable in many developed countries so that economic model is not working anymore.  If there are very less number of people who work then there will be very less number of people who will pay taxes suporting a growing number of retirees is going to put pressure on the pension system,  public finances and health care spendings.  This labour shortage can be overcome by technological innovations and automation and improvement in the worker productivity,  along with government can also make different policies that encourages higher labour force participation or they can ask immigrants to work for them or they can also increase the retirement age, the main thing is they have to adapt themselves for the changing environment

[EluguHcman]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

In my opinion the major scary side of the economy challenges is the quick and unlimited rising of inflations.
If you talk about youths empowerment, note that there are certain countries that still provides the necessary amenities for their youths while majority globally maybe slacking but to the point of hike of cost of living, this one is a global disaster.

And as population and government budgets for project executions is implemented, there is also need for central banks to print more cash and due to overflow, the traditional currencies gets devalued in the international markets and there sets competitive infrastructure among countries with the productions of global interests.

The high costs of living is so disastrous that it criples the poor, humbles the average citizens with the rich spending with fear of the future uncertainty.

[Abiky]

When we talk about a typical economy, amongst the major issues raised is youth unemployment.

What we're seeing now is major economies starting to see the direct opposite; aging population, shrinking work forces and rising pension burdens.

Now there's a hidden implication to point out, future economies may start to experience fewer workers, more retires and slower productivity growth.

This then creates massive pressure on taxation, healthcare and government budgets.

Ultimately, economies built for population expansion may struggle during population stagnation.

True. But even with said hurdles, AI promises to change our world for the better. With the tech, companies' productivity would increase tenfold. All while minimizing costs as much as possible. Most people will be out of a job, of course. But that won't be much of a problem if "Universal Basic Income" becomes a thing. Elon Musk predicted this. It's basically "free money" by doing absolutely nothing.

AI will do all of the work for us. The economy will keep "chugging" along as usual. In such an scenario, everybody wins. All the way up from governments to banks, the Elite, and individuals themselves. So I wouldn't worry about the economy "aging" right now. It's only a short-term issue.