"The Demographic Shift: China's Population to Shrink for the First Time Since the Great Famine and its Implications for Asia and the Global Economy"
The world's most populous country, China, is preparing for a major demographic change as its population is forecast to decrease for the first time since the Great Famine 60 years ago. The effects of this shift in demographics will be felt strongly in the Chinese economy and throughout Asia.
Experts believe that China's population, now estimated at 1.41 billion, may begin falling as early as 2025. Because of the one-child ban, the birthrate has been falling for decades, and the population is now skewed toward older women. Delays in starting families have been attributed to the COVID-19 pandemic as well.
For a country like China, which has been a major contributor to global economic growth, the effects of a declining population might be devastating. China may see slowed economic growth and labor shortages as a result of a decline in the country's working-age population. Healthcare and social service provision may become increasingly difficult for the government as the population ages.
The effects of China's declining population could be seen in various ways across the continent of Asia. Many Asian countries rely on trade with China; if its economy were to stagnate, this may diminish demand for Asian exports. The decline in the Chinese population could also affect the number of Chinese tourists visiting other countries in Asia.
Despite the challenges, the demographic transition in China may present opportunities for Asia. Experts agree on many things, including the potential long-term benefits of more automation and innovation as a result of a declining population.
The effects of China's declining population will be seen around the world. A decline in China's economy might affect economies all across the world because of its outsized role in international commerce and investment. A reduction in China's population could also affect global demographic patterns because of the country's outsized role in overall population growth.
The decline in China's population is a major demographic transition that will have far-reaching effects on the country, Asia, and the world as a whole. While the government and businesses will face new difficulties and possibilities, it is apparent that they will need to take action to adapt to this reality.
CC :NY times, National geographic