Rakesh Mohan: Fiscal challenges of population ageing - the Asian experience (Central Bank Articles and Speeches)

One of the most critical demographic events in the world today is population ageing i.e., the process by which the share of older individuals in the total population starts becoming larger. The ageing phenomenon, which has been initially experienced by developed countries, is now steadily approaching the developing world. Projections show that over the next five decades, world median age will continue to increase, resulting in enhanced old age dependency ratios in all parts of the world. Thus, population ageing would be a major global public policy concern in the twenty-first century posing unprecedented challenges for fiscal, monetary and overall macro-economic management.