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Asian ageing: The relationship between the elderly population and economic growth in the Asian context

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  • Thaveesha Jayawardhana
  • Sachini Anuththara
  • Thamasha Nimnadi
  • Ridhmi Karadanaarachchi
  • Ruwan Jayathilaka
  • Kethaka Galappaththi

Abstract

The elderly population and economic growth have been a contentious topic among researchers. Regardless of the economic growth rate, the population and its growth have a stimulating influence on economic development. This study aims to explore the relationship between the elderly population and economic growth in 15 Asian countries, based on secondary data gathered from the WDI (World Development Indicators) from 1961 to 2021. This research contributes to filling the empirical gap, capturing the Granger causality concerning the relationship between the elderly population and economic growth in the Asian context in a single study. The empirical findings highlighted a one-way Granger causality from economic growth to the elderly population for India, Japan, Malaysia, and Singapore while vice versa for Bangladesh, China, and Pakistan. Furthermore, for Nepal, there is a two-way Granger causality, while there is no Granger causality for remaining countries. To the best of the authors’ knowledge, this study has been the first to investigate the relationship between the elderly population and economic growth for Asian nations, using a lengthy data series and a Granger causality test. The main findings will assist the governments, policymakers, and foreign investors in effective decision-making in this regard.

Suggested Citation

  • Thaveesha Jayawardhana & Sachini Anuththara & Thamasha Nimnadi & Ridhmi Karadanaarachchi & Ruwan Jayathilaka & Kethaka Galappaththi, 2023. "Asian ageing: The relationship between the elderly population and economic growth in the Asian context," PLOS ONE, Public Library of Science, vol. 18(4), pages 1-19, April.
    • Handle: RePEc:plo:pone00:0284895
    DOI: 10.1371/journal.pone.0284895
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    References listed on IDEAS

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    3. Andrew Mason & Ronald Lee & members of the NTA Network, 2022. "Six Ways Population Change Will Affect the Global Economy," Population and Development Review, The Population Council, Inc., vol. 48(1), pages 51-73, March.
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