A World Bank report says demographic transformations are reshaping the world, with the global population expected to reach 9.7 billion by 2050

Adults over 60 are the fastest-growing demographic across the world, says the new World Bank’s report.

The report says demographic transformations are reshaping the world, with the global population expected to reach 9.7 billion by 2050.

“Notably, the number of middle-age and older adults is rising sharply, creating both opportunities and challenges,” the report points out. “Reductions in fertility and child mortality have largely driven these changes, along with age-structure effects. These, also known as cohort effects, relate to the relative size of different age groups.” 

It warns that an aging population carries economic implications, potentially slowing growth unless there is increased labor force participation and productivity.  The impact of aging populations is predicted to ripple through labor markets, immigration, and social policies. 

“To navigate this evolving landscape, investing in the health and wellbeing of the working-age population is imperative,” the report highlights.

The aging population poses particular challenges for the poor countries. 

“In low- and middle-income countries, non-communicable diseases already account for over 70% of all deaths, and a significant portion of disease and disability,” the report notes.

“The poorest and most vulnerable people are most susceptible to non-communicable diseases because of higher rates of smoking, alcohol use and obesity and lower quality of healthcare. They are also least able to afford treatment costs and cope with income loss,” it adds.

Countries, according to the report, need careful analysis for policies that balance economic demands, social services, and long term care costs. 

“Migration policy becomes crucial in this context, depending on the size and skill composition of demand, and leveraging the differential stages of demographic transition across countries,” the report says. “Climate change adds an additional layer of complexity, particularly for countries facing both aging populations and rapid changes in climate. “

The World Bank wants governments to take a life-course approach which has implications well beyond health to include child nutrition, girls’ education, and taxes on tobacco, and sugary drinks.

Also Read:  Senior citizens 70 and older to get up to Rs 5 lakh in free health insurance coverage