It is a well-known fact that one of the main reasons for the demographical crisis in any country is its aging population. To begin with, it would be proper to state that young people might not have any chances to receive worthy jobs after graduation as all the best positions are already occupied by pensioners. Moreover, the entire social development of the state might stop or pause due to the lack of new minds and ideas.
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From the economic perspective, the older generation will lead to the increase in the dependency ratio, which might negatively affect the policy of taxes. As there will be more retired citizens, new generations will be required to pay more taxes in order to support them (Bloom et al., 2015). Also, the society will not adjust to modern lifestyle and innovations that happen in the entire world. It appears that older individuals are not as active as the youth. Hence, they are not interested in various innovative technologies or methods that can be used to improve one or another professional sphere.
In turn, there might be an increase in the promotion of businesses aimed at older generations, whereas the newest products or models might not be realized due to the need to support pensioners. Moreover, if all citizens of the Commonwealth invest their financial means in pension funds and other similar organizations, other industries might not proliferate, which will lead to the economic crisis. In conclusion, it is essential to state that demographical crisis is the worst problem that any state can face (Rosset, 2014). Due to the lack of young people and their creative ideas, the discussed country might become useless at global markets. Therefore, people will not be as wealthy as before, and pensioners will not be supported properly because of the poor economy.
Bloom, D. E., Chatterji, S., Kowal, P., Lloyd-Sherlock, P., Mckee, M., Rechel, B.,… Smith, J. P. (2015). Macroeconomic implications of population ageing and selected policy responses. The Lancet, 385(9968), 649-657. Web.
Rosset, E. (2014). Aging process of population (6th ed.). Oxford, UK: Pergamon.