How can a country can maintain its future economic growth when its population in the 0–14 age group is very small?(1 point)
It can increase its human capital by attracting skilled immigrants.
It can import more goods.
It can shut down some of its industries.
It can allocate more money for pensions for the elderly.
It can increase its human capital by attracting skilled immigrants.
To maintain future economic growth when the population in the 0-14 age group is small, a country can consider the following steps:
1. Increase human capital: One way is to attract skilled immigrants who can contribute to the country's workforce, innovation, and productivity. To achieve this, the country can establish favorable immigration policies and provide incentives for skilled individuals to migrate.
2. Emphasize technological advancement: Focusing on research and development, innovation, and technology can help the country stay competitive globally. This can lead to increased productivity and economic growth, compensating for the smaller population in the younger age group.
3. Enhance education and training: Investing in quality education and vocational training programs can help develop the skills and knowledge of the existing population, ensuring that they are equipped to meet the demands of a changing economy. This can help make up for the smaller number of individuals in the 0-14 age group.
4. Improve productivity and efficiency: By promoting productivity enhancements through technology adoption, supporting entrepreneurship, and encouraging efficient resource allocation, a country can boost its economic output. This can help counteract the effects of a smaller younger population.
5. Foster economic diversification: The country can focus on diversifying its economy by encouraging the growth of industries that are less dependent on a large younger population. This can involve investing in sectors like technology, services, and knowledge-based industries, which are not as reliant on a younger workforce.
It's worth noting that shutting down industries or allocating more money solely for pensions may not be effective strategies to maintain future economic growth when the population in the 0-14 age group is small. Rather, a comprehensive approach that focuses on human capital, education, technology, productivity, and economic diversification would be more advisable.