Population is a vital component of any nation. It can be defined as the total number of people living in a specific place at a particular time.
The human population has been steadily increasing at an exponential rate. A clear indication of this is the current global population of approximately 8.1 billion. However, our land and resources are finite, which means that we cannot sustain infinite growth. This realization was famously articulated by Thomas Malthus in the 18th century.
Malthus’s ideas gained widespread acceptance, prompting many countries to adopt stringent policies to control population growth. For instance, China implemented the one-child policy, encouraging women’s empowerment and employment opportunities as alternatives to raising larger families. Advances in healthcare also played a crucial role in enabling parents to raise a single child with minimized risk. Economic considerations became more prominent, with people weighing the pros and cons of having children.
These factors, along with others, worked collectively to slow down population growth. Consequently, many east European countries, Japan, Italy etc are witnessing declining birth rates.
source: worldpopulationreview.comAt first glance, this may appear to be a success. Population is no longer skyrocketing, and some might consider this a positive development.However, it’s important not to become complacent.If we view the economy as a machine, it requires a workforce to keep it running smoothly. This workforce mainly consists of young, healthy, energetic, and independent individuals who can contribute to the economy without being a burden.Having a larger independent population compared to a dependent population (which includes children and the elderly who cannot support themselves) is advantageous for a nation.Yet, advanced economies find themselves in a complex situation.They offer world-class healthcare, comfortable living conditions, and robust social security systems, which increase life expectancy and reduce mortality rates. Simultaneously, birth control measures lead to fewer children being born. Consequently, the entire country’s population is aging rapidly. During this demographic shift, the independent population may struggle to support the growing number of dependents.As a result, with a dwindling workforce and a significant portion of the national budget allocated to social security, a country’s economy may face stagnation and recession.This challenge has become a common issue in multiple nations. Notable examples include Japan, Russia, Singapore, and, to a certain extent, China. The issue of population has become a true catch-22 situation for many countries around the world.
