East Asia Is Growing Old at a Record Pace, World Bank Says
- China by 2040 will have lost a net 90 million workers: report
- Pension payments could rise up to 12 percentage points of GDP
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China and other middle-income countries in east Asia are getting old before they are getting rich, requiring overhauls of health and pension systems, according to the World Bank.
East Asia is home to a third of people aged 65 and over and is aging faster than any region in history, according to a report released Wednesday. Developing countries from China to Indonesia to Vietnam that have neither the wealth of Japan nor the youth of the Philippines will have to increasingly rely on people working longer, the report finds.