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Population, Wealth, and Economic Growth in the Asia and Pacific Region

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  • Mason, Andrew

    (University of Hawaii at Manoa)

  • Lee, Sang-Hyop

    (East-West Center and University of Hawaii at Manoa)

Abstract

We explore how demographic changes in the Asia and Pacific region are likely to influence economic growth and other features of the regional economy. While many low-income countries in the region will continue to experience a demographic dividend, over time population aging could drag on economic growth, especially in East Asia. A second potential problem from population aging is the strain on public transfer systems the effects of which, although smaller than those in Europe, Japan, or Latin America, will still be large. Countering these problems, however, population aging will lead to substantial capital deepening, an effect of the second demographic dividend. Given current patterns of old-age consumption, production, and transfers, the total demand for pension assets will increase very substantially over the coming decades. Under these circumstances, aging should not depress savings rates. Capital deepening and high standards of living are attainable despite significant population aging.

Suggested Citation

  • Mason, Andrew & Lee, Sang-Hyop, 2011. "Population, Wealth, and Economic Growth in the Asia and Pacific Region," ADB Economics Working Paper Series 280, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0280
    Note: http://www.adb.org/sites/default/files/economics-wp280.pdf
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    Cited by:

    1. Mariam Camarero & Inmaculada Martínez-Zarzoso & Felicitas Nowak-Lehmann & Cecilio Tamarit, 2016. "Trade Openness and Income: A Tale of Two Regions," The World Economy, Wiley Blackwell, vol. 39(3), pages 386-408, March.

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