Bangladesh is becoming an ageing society. By 2029, Bangladesh will have 7 per cent of its population aged 65 and above and will turn it into an ageing society and by 2047. The trend poses challenges to development aspirations by limiting the proportion of youth population and cheap workers.
Speakers at a webinar on “Paying Forward and Investing in Children Now: Demographic changes in Bangladesh Trends and policy implications” said Bangladesh will turn into an ageing nation in 18 years. The pace of ageing of Bangladesh’s population is faster than even Japan.
The rapid ageing of the population indicates that industrialisation will suffer and cheap labourers will start declining if proper investment is not made in the education and healthcare sectors now. Bangladesh has been enjoying the demographic dividend since 1978, and as of 2021, the country has reaped 78 per cent of the dividend.
Investment in children is not a charity. The quality of primary education in the country is very poor. Fact remains primary schooling is considered the root of quality education. The quality of secondary level education is equally inferior.
Many Bangladeshi companies hire foreign nationals because of the non-availability of local experts. With a view to attaining sustainable development, it is necessary to invest in children so that they can deal with future challenges.
Bangladesh needs to facilitate the growth of young girls and women so that they can play a productive role and utilise their potentials. Two million people enter the job market every year. The government and the private sectors need to manage decent jobs for them.
As the life expectancy in Bangladesh has risen to 73 years, the dependency ratio is increasing. Bangladesh needs investment in education and health sector to make the generations ready for the upcoming challenges of an aged society.
