Developing Asia faces aging crisis: ADB<\/p>\n
Agence France-Presse, Singapore<\/p>\n
Asia's developing economies face an aging crisis as the ranks of
\nthe elderly swell in the next 50 years, the Asian Development
\nBank (ADB) said on Tuesday.<\/p>\n
Time is running short for governments to set up full pension
\nfund coverage and health care facilities to take care of their
\ngraying populations, the Manila-based development bank warned in
\na new report.<\/p>\n
The trend is likely to strain government finances for
\nretirement and other benefits, and affect Asia's cherished family
\nsupport networks, said the report on population trends and
\nchallenges in the region.<\/p>\n
\"The demographic issue of the future is aging. Already, many
\ncountries are experiencing rapid growth in the number of elderly
\nand this growth will only accelerate during the coming years,\" it
\nsaid.<\/p>\n
ADB President Tadao Chino said Asia's developing countries
\nwere aging faster than they were developing, and aging
\npopulations needed support.<\/p>\n
\"The time left to establish an effective and sustainable
\nwelfare program suited to an aging society is growing short,\" he
\nwarned in a statement accompanying the report.<\/p>\n
East Asia's more prosperous economies -- Hong Kong, Taiwan,
\nSouth Korea and China -- face the biggest challenge because women
\nare having fewer children, infant mortality is dropping and
\npeople live longer.<\/p>\n
Nearly 7.0 percent of East Asia's total population are aged 65
\nand above, below Japan's 17 percent or Europe's 15 percent. But
\nthe ratio is projected to hit 13.2 percent by 2025.<\/p>\n
Although smaller in size compared with other regions, the
\nseniors are \"the fastest growing demographic group in Asia\", the
\nADB said.<\/p>\n
By 2050, the number of elderly in Thailand -- currently at 5.2
\npercent -- will be as big as those in the United States at more
\nthan 21 percent.<\/p>\n
Azerbaijan, China, Hong Kong, South Korea, Singapore, Sri
\nLanka and Taiwan are projected to have an even bigger proportion
\nof elderly people than the US and will approach that of Europe,
\nwhich is projected to be 29.2 percent.<\/p>\n
Southeast Asia may get a chance to set up social safety nets
\nfor the elderly because its working-age population would peak
\nonly around 2025.<\/p>\n
Nonetheless, this \"demographic dividend\" is temporary and the
\nnumber of people aged 65 and above is projected to rapidly
\naccelerate after that.<\/p>",
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