Background and Challenges

The rising trend of aging societies, a result of decreased fertility rates and longer life expectancies, signals drastic changes in the world’s demographic structure, as Asia clearly demonstrates. This phenomenon of rapidly aging populations poses a serious challenge to the global economy. As the ratio of the aged to the total population increases and the working population declines, productivity is seriously affected, growth decelerates, and social security systems become less fiscally sustainable. G20 policy makers are mindful of the impacts of aging populations on the global economy. Thus, Task Force 10 (TF10) was established to focus on policy measures and actions aimed toward sustaining inclusive economic growth and well-functioning socioeconomic systems which provide social security to all people. The role of labor migration to alleviate the impact of declining labor forces and working populations will also be explored in the context of well-designed immigration policies that will support aging societies.

T20 on Aging Population and its Economic Impact + Immigration

Population aging is affecting a growing number of the world’s economies. Chul Ju Kim, Lead Co-Chair of the T20 Task Force confronting associated policy challenges, discusses aging population trends and how the T20 is working to mitigate the risks.