Abstract
The challenge of an ageing population is a major concern to policymakers and researchers all over the world. As evident in Figure 1, the percentage of people aged 60 and above will increase substantially between 2000 and 2050 in all parts of the world. Europe has the highest proportion; only Japan has a similar age structure. The already high proportion of older people in Europe is expected to rise to an even higher level by 2050, from currently 19 percent to an estimated 34 percent.
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