Aging & Social Change: Ninth Interdisciplinary Conference

Abstract

The world’s aging population (65 years or older) is projected to reach 16% of the global population by 2050, which raises concerns over the possible increase in the prevalence of non-communicable diseases. This study seeks to understand the economic impact of the prevalence of the non-communicable diseases among the aging. This analysis facilitates stakeholders’ ability to plan ahead to ensure sustained economic stability. Through a quantitative analysis of the secondary data (n =12) that were electronic databases, it was noted that the increased burden of non-communicable diseases among the aging negatively impact on economic growth. The economic costs include a significant increase in government and household expenditures towards the management of the non-communicable diseases. It was also observed that the increased prevalence of non-communicable diseases leads to diminished labor force participation resulting in significant reduction in the personal savings and strain on pensions. The step by the governments to finance the cost of care among the old was noted to lead to increased health care spending, which results in a significant burden to the economy. It is recommended that governments should strategize on how to enhance behavioral change towards increased savings, and labor force participation. There is also a need to adopt health system reforms that address the health of the aging population with the aim of reducing their cost of care and the risk of disease.