Global Population
Overview Population is defined as the total number of people residing in a country or region. Population growth of a country depends on multiple factors including the economy, female fertility rates, birth rates, death rates, healthcare facilities, increasing urbanization, immigration & emigration rates, education, and other social & cultural aspects.
The world's population is currently increasing at a low single-digit annual rate. The population is expected to rise at a rate of 81 million people every year. Between 1959 and the 2000s, the world's population more than doubled. In the late 1960s, the annual population growth rate peaked. Since then, the rate of increase has practically halved, and it is predicted to continue to fall in the future years around the world.
Population Age – Split
The majority of the UK’s population was between the age of 15 and 64. In 2021, 17.7% of the population was below 15 years of age, 63.6% was in the working-age bracket (15– 64 years), and 18.7% was aged above 65 years.
The share of the old-age population is expected to increase from 15.9% in 2005 to 19.5% in 2025, and the working-age population to decrease from 64.6% in 2015 to 63.2% in 2025. An increase in welfare schemes and statutory pensions, to support old retirees, also adds a burden to the government’s finances. As a result, age-related fiscal pressures are expected for the UK in the coming years.
Aging Population in the UK
The UK is experiencing an increase in its elderly population as the baby boomer generation is growing older. According to GlobalData, the working-age population as a proportion of the total population is expected to decline to 63.2% by 2025 from 64.6% in 2015. The old age dependency ratio (as a percentage of the working-age population) also rose from 27.5% in 2015 to 29.4% in 2021. GlobalData forecasts the old-age dependency ratio to increase to 30.9% by 2025.
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