- Published on Tuesday, 26 July 2016 10:34
- Written by Saigoneer. Photo by Lee Starnes.
A recent report by the World Bank revealed that by 2040, the number of people aged 65 and older in Vietnam will reach 18.4 million, tripling the current amount of 6.5 million.
The report, titled "Vietnam Economic Situation", was released on July 19, detailing various aspects of Vietnam’s economy and demographics. It names Vietnam as one of the countries with a rapidly aging population despite having enjoyed the benefits of a robust young workforce for decades, reports VietnamNet.
The World Bank also cautions that this demographic change is likely to put a strain on the nation’s welfare system and hamper economic growth, especially with 15% of the young workforce suffering from unemployment.
In order to cushion the impact of an aging population, the report suggests local authorities implement measures to improve the pension and healthcare systems to accommodate the increase in senior citizens.
In the same report, the World Bank also predicted that Vietnam is likely to achieve a GDP growth of only 6% this year. This is a result of long periods of drought and saltwater intrusion which plagued the Mekong Delta earlier this year.