Sharjah24: The Japanese Economist, Professor Fumio Hayashi, delivered a talk at 13th edition of the International Government Communication Forum (IGCF 2024) to focus on two key factors affecting growth.
Professor Fumio Hayashi affirmed that the first factor is age, specifically the impact of an ageing population on growth and the second factor is initial condition; stating that if a country is already wealthy, this can alter the growth dynamics.
Hayashi emphasized that he applied these two factors to several countries, including Japan, China, and the UAE. In Japan, aging has largely affected a large segment of the populations , as the country has aged rapidly over the last 30 years.
In contrast, UAE is a young and rich country with two forces canceling one another, thus resulting in a modest growth not spectacular but solid .
For China, the aging population is expected to grow significantly over the next 30 years, which may negatively impact economic growth. As a result, China's growth is unlikely to be as rapid as some anticipate.
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