Birth rates are dropping to ever-lower levels around the world. Populations are growing more slowly and, in some cases, beginning to decline. Rapid population aging has begun in the West and parts of Asia and is just over the horizon elsewhere. The demographic changes, their economic...

Asia is aging, although there is significant heterogeneity across subregions and economies. Population aging poses two strategic challenges for the region: sustaining economic growth and delivering old-age economic security. In this paper, we leverage the lifecycle perspective-that individuals'...