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Japan named the problem of aging as one of the main topics of the G20 Forum
Japan has begun its presidency of the G20 for this year, offering an exchange of experience on the problem of population aging as one of the main topics on the agenda.
"Among the G20 member countries, Japan is experiencing the greatest problems with the population. Although some emerging economies in the G20 are experiencing the growth of a young workforce, they may also face the problem of aging sooner or later," Bank of Japan Governor Haruhiko Kuroda said at an international symposium opened in Tokyo on Thursday with the participation of deputy finance ministers of the participating countries.
That is why, as Kuroda stressed, the demographic problem was chosen as one of the topics of the G20 forum. A summit meeting of the G20 member countries is scheduled to be held in Osaka in June.
"If pessimism about future economic growth prevails, then not only the future, but also the current demand may be suppressed, since people will have no desire to invest or consume," Kuroda said.
According to him, aging and population decline, however, does not necessarily reduce macroeconomic indicators and the degree of growth. Gaps can be filled by promoting capital accumulation and innovation, according to the head of the central bank of Japan.
In addition, as the population ages, the demand for healthcare professions will increase. "The aging of the population will lead to an increase in business opportunities for insurance companies, pension funds and asset management firms, since older people will need proper financial management of their funds at retirement," Kuroda said.
Japan became the chairman of the G20 in 2019 for the first time, hoping to participate in the Osaka summit, in particular, the leaders of Russia, the United States and China.
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