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 import more goods.
It can increase its human capital by attracting skilled
immigrants.
It can shut down some of its industries.
It can allocate more money for pensions for the elderly.
The correct answer is: It can increase its human capital by attracting skilled immigrants.
When a country's population in the 0-14 age group is very small, it means there will be fewer young people entering the workforce and contributing to economic growth in the future. To overcome this challenge, a country can focus on attracting skilled immigrants to fill the gaps in the labor market. Skilled immigrants bring new expertise, ideas, and innovation to the country, which can help to drive economic growth. By increasing the human capital through skilled immigrants, the country can ensure a continuous supply of talent, maintain productivity, and stimulate economic development.
To maintain future economic growth when its population in the 0-14 age group is small, a country can:
1. Increase its human capital by attracting skilled immigrants: By attracting skilled immigrants, the country can ensure the availability of a skilled workforce to drive economic growth. Skilled immigrants can bring new ideas, expertise, and innovation to various sectors, contributing positively to the country's economic development.
2. Allocate more money for pensions for the elderly: A small population in the younger age group typically leads to a higher proportion of the population being in the elderly age group. By allocating more money for pensions, the country can provide financial support for the elderly population, ensuring their well-being and maintaining social stability. This can also help sustain domestic consumption and demand, which contributes to economic growth.
It is worth noting that while importing more goods can contribute to economic growth by meeting domestic demand, shutting down industries can have adverse effects on economic development, including job losses and reduced productivity. Therefore, these options may not be as effective in maintaining economic growth in this specific scenario.
To maintain future economic growth when the population in the 0-14 age group is small, a country can consider the following approaches:
1. Import more goods: This option can help meet the demands of a smaller population by importing goods from other countries. By increasing imports, the country can sustain economic growth without relying solely on domestic demand.
2. Increase human capital through skilled immigrants: By attracting skilled immigrants, a country can augment its workforce and contribute to economic growth. Skilled immigrants can bring new ideas, expertise, and contribute to innovation, leading to job creation and economic development.
3. Implement strategic industrial policies: Rather than shutting down industries, a country can focus on strategically restructuring and diversifying its industries. This can involve identifying sectors that have the potential for growth and investing in research and development, training programs, and technological advancements to boost productivity and competitiveness.
4. Allocate more money for pensions for the elderly: While this may be necessary to support the elderly population, it is not directly related to maintaining future economic growth. However, it can be a means of ensuring social welfare and economic stability by providing financial security to the elderly population.
Ultimately, a combination of these approaches may be necessary to address the challenges posed by a small population in the 0-14 age group. Each approach has its own implications and potential consequences, so careful consideration and analysis of the specific circumstances and goals of the country are important in making informed decisions.