Aging of the World's Population

Abstract

AbstractThe world's population is aging. This trend, known as the demographic transition, occurs when societies move from low life expectancy and high fertility to high life expectancy and low fertility. Currently, one in every nine persons in the world is aged 60 years or older. By 2050 the proportion is projected to increase to one in five, and the older population is expected to exceed the youth population for the first time in history. Women form the majority of older persons. Most developed countries have completed their demographic transition, leading to declining fertility which in turn may lead to population decline in the near future unless they have considerable in‐migration. Virtually all expected population growth in the next four decades will occur in the developing world. Aging increases the cost of providing elderly social services, but the elderly have skills and knowledge that society could reap as a “longevity dividend.”