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The elderly population refers to the portion of a country's inhabitants who are aged 65 and older. This demographic plays a crucial role in various economic and social analyses, especially when it comes to determining the dependent population. The dependent population consists of those individuals who do not actively participate in the workforce and, as a result, rely on others for essential goods and services. This group primarily includes both the elderly and the youth (typically under 15 years of age).
The concept of the elderly dependency ratio is a significant measure used to understand the burden on the working-age population, which consists of those between the ages of 15 and 64. This ratio is calculated by comparing the number of elderly people to those of working age. A higher elderly dependency ratio indicates a larger proportion of elderly individuals relative to those who are contributing economically, leading to increased demands on social systems such as healthcare, pensions, and other support services.
These demographic shifts have widespread implications for both government policies and private sectors. As the elderly population increases, so too does the pressure on pension systems and healthcare services, necessitating reforms to ensure sustainability. Additionally, the aging population affects broader economic growth and welfare, as fewer people of working age contribute to economic productivity, potentially slowing overall economic expansion.
This indicator, often measured as a percentage of the total population, provides valuable insights into the aging trends within a society and their potential impact on the economy, welfare, and social structures. Understanding these trends is essential for shaping future policies that address the needs of an aging population while maintaining economic stability and growth.