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In the developing world, the technologies are also developing be it with respect to the industrial or medical field. Despite the fact that these advancements are bringing in a lot of space for a better standard of living, it is coupled with potential problems.
To name a few of these problems in a broader view, as a country’s economy, on the whole, we can notice the trends of the increased population with people above 60 years of age. This is an issue because when we look at the average age of the active workforce, it would come between 23-40 years of age and in some cases more. With the increase in the life span of people that come out of this estimated range, the instability of the economy increases. The government depends on the people to a huge extent for its growth and since old-aged people (above 60) are in their fragile age, they can not contribute at their best and turn out to be a negative side of the coin instead. Not only are they lacking the ability to contribute but they also require a lot of the investment made on them by the government and even their family. The older one gets the more medical attention they require. Hence, they require a considerable amount of medical and emotional attention. Also increasing the population size, in turn increasing supply demands. The drawbacks form a chain reaction.
When it comes to the solutions to these problems, talking specifically about economical drawbacks the government can introduce policies to increase the retirement age because we can see there are ample amount of jobs that fit old-aged people profile. Government can put forward policies to make life and health insurance a must for old aged people, this way the individuals will have a backup in extreme situations. One other solution could be better and more investment or special policies in the healthcare sector which can help not only the older citizens but also other people.
To conclude, the rising life expectancy can be good news for a lot of people to see from an emotional point of view but it could also lead to a number of issues for the country on the whole. Structured planning and advocating of solutions by an individual and also the government can save the country from a downfall.
