“The process of ageing is accelerating in Asia even though Africa is full of young people…Many parts of Asia are in the danger of growing old before getting prosperous.”, said Andreas Bauer, International Monetary Fund(IMF) Senior Resident Representative for India, Nepal and Bhutan at the 52th Colloquium of Panjab University held on Thursday. He addressed students on the theme “ Growing old before becoming rich? Macroeconomic Implications of Aging in Asia.”
Andreas said Asian population was ageing much faster as compared to other advanced economies and many parts of Asia were at the risk of growing old before getting rich. “The clock is ticking away,” he said. The rise in the population of the elderly means a fall in the population of worker class in a country, he added.
Bauer said Asia had benefited significantly from the demographic dividend in past decades. He added that relatively faster growth of the working-age population, which ranges from 15-64 years, than the dependents’ population, provided an economic dividend in many countries of the region, particularly South East Asia. However, this dividend is about to end for a number of economies, he added.
He informed that the purpose of IMF was to promote international monetary cooperation, to facilitate the expansion and balanced growth of international trade, to promote exchange stability and to prevent unnecessary exchange deprecations, besides establishing multi-convertibility of all currencies.
Dr. Harvansh Singh Judge, in his address, enlightened the audience about PU colloquium and other activities conducted by PU. He congratulated and appreciated the efforts of PU Colloquium Committee for having organised 51 colloquia to date.
Many distinguished scientists, CRIKC Members, a large number of senior and young faculty members, research scholars and students from Panjab University attended the lecture. The event concluded with a vote of thanks proposed by Dr. Shruti Bedi, a member of the colloquium committee.