Russia awards medal to family with 7 children

Growth in the Asia-Pacific region is still considered the strongest in the world, however, in the medium term, the aging population is one of the factors that "slows down" this growth rate.

Russian President Vladimir Putin (center) presents the Order of Parenthood to Mikhail Maksin and Oksana Volkova of the Kaliningrad region at the Kremlin on June 1, 2016. Photo: Kremlin website

This year, according to the International Monetary Fund (IMF), the economic growth rate in Asia - Pacific is 5.5%, in 2018 is 5.4%, much higher than the previous estimates of only 3.5% and 3.6% respectively. However, the IMF warned that to "sustain long-term growth, structural reforms are needed to address the challenges of demographic change and to increase labor productivity".

General trend: not rich but old

Asia’s population will age faster than any other region in the coming decades, with economists warning that countries like China and Thailand will soon face a slowdown in growth before they reach high-income status.

A recent report by Standard Chartered Bank (UK) said that the aging population will have a clear negative impact on the growth of countries and regions such as China, Hong Kong, South Korea and Thailand by 2020 and Singapore by 2025. Meanwhile, it is estimated that economies such as China and Thailand can only move to the high-income stage by 2026 and 2040, respectively.

The World Bank estimates that it will take China and Singapore about 25 years to transition from being considered an “aging” country to an “aged” country, defined as a country with a population aged 65 or older of 14-20% of the total population. In Thailand and South Korea, this transition will take place in just 20 years.

By comparison, the UK took 45 years to make this transition, while the US and France took 69 and 115 years, respectively. Economists at Standard Chartered Group explain that falling birth rates, increasing life expectancy (which has been happening at a faster pace in Asia) and falling birth mortality are the reasons for the rapid aging of the Asia-Pacific population.

Elderly people in China. Beijing authorities have had to change the strict one-child policy to increase the population. Photo: AFP

What is the solution for the aging population?

In South Korea, which has one of the lowest birth rates among developed countries, most women do not have their first child until they are in their 30s.

With the government's generous childcare support measures, South Korea's fertility rate has increased slightly from 1.08 in 2003 to 1.29 in 2015.

Specifically, in addition to financial support for child care and education, the government also creates conditions for couples to rest and have more time with their newborn children.

Financial support for childcare is extended until the child is 5 years old, and young couples are also given easier access to home loans...

Looking to another continent, in Europe, Russia is one of the countries that has been and is facing the problem of an aging population.

Since the fall of the Soviet Union, Russia's population has decreased by an average of 700,000 people each year. According to the Telegraph, from 1992 to 2009, Russia's population decreased by about 6 million people, equivalent to 4%.

In response to this situation, the Russian government has simultaneously implemented measures to encourage childbirth through both propaganda and economic support. Since 2007, subsidies have been increased for couples who have a second or third child.

In addition, since May 2008, a special award called the Order of parental glory has been established under presidential decree 775 to honor exemplary large families.

Families with seven or more children (including biological and adopted children living under the same roof) can apply for this award. They will have to prove that their family meets the conditions to be able to raise their children in a healthy environment in all aspects such as health care, education, physical, mental and social responsibility...

Families awarded the Order of parental glory will be invited to the Kremlin and receive a 50,000 ruble ($860) award from the Russian president himself.

According to Tuoi Tre