The percentage of the working age population 15 to 64 has already declined in South Korea, Taiwan, Singapore, China, Thailand and Vietnam, as well as Japan. The effect of the so-called demographic dividends is shrinking at the country level.
But as the population pyramid of Shenzhen shows, large East Asian cities continue to enjoy the benefits of the demographic dividends by attracting young people from the local regions. Productivity improvement is essential for achieving sustainable growth. However, the living standards of Shenzhen, Shanghai, Bangkok and Kuala Lumpur, which are large East Asian cities, have already reached the level of high-income countries.
These cities also enjoy the digitization of industries and steadily avoid the trap of middle-income countries.
High income earners living in large cities provide Japan with the opportunity to increase its exports through electronic commerce. High-priced agricultural products and other products that are included in them provide Japan with the opportunity for agricultural transformation; that is, a shift to offensive agriculture. In addition, digital technologies that are evolving exponentially in large cities and their applications provide the opportunity to evolve value chains that are expanding in East Asia.
Policy Responses to Precarious Work in Asia | Arne L. Kalleberg
In particular, start-ups emerging in large cities are the targets of open innovations. Of course, large East Asian cities are also tough competitors for Japan. But if Japan is slow, companies growing in large East Asian cities may get ahead in finding ways to solve the issues facing Japan.
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You should not underestimate the abilities of large cities. There is no doubt that these large cities will continue to drive Asian economies.
Economy of East Asia
But it is too early to assume that the prosperity of the large cities will ripple throughout East Asia. As noted above, the growth of large cities is based on their absorbing young people from the local regions and agricultural villages. As a result, the local regions and agricultural villages are short of young people to support their growth. In other words, the effect of the demographic dividends is lost before income levels rise sufficiently in the local regions and rural areas.
In addition, because there are numerous middle-aged and older people from their late forties to their early fifties who are baby-boomers in the local regions and rural areas, population aging is likely to accelerate in the near future. In China, people discuss the issue of getting old before getting rich as an issue to be overcome in the future.
The Impact of Technology on East Asian Economic Prospects
However, the increased adoption of technology will result in a change in the nature of jobs and workforce requirements across the region, which demands rapidly reskilling. We are committed to work with all stakeholders to build a sustainable pool of homegrown talent in ASEAN. Sunny Park , Corporate and Legal Affairs Regional Director for Microsoft in Asia Pacific, said: "ASEAN is the future of borderless economies, investments, e-commerce and education and we believe in a future where every young person has the skills, knowledge and opportunity to succeed.
Digital skills are essential for the jobs of today and tomorrow, and can open the door to greater economic opportunity. Right now, over half the people on the planet lack basic access to the knowledge and skills that would enable them to participate in the new digital economy. Together with our partners, we are going to change that.
The aim is to work on the issues that will underpin a regional digital economy in ASEAN so that the benefits of the Fourth Industrial Revolution can be fully unlocked and become a force for regional economic inclusion. Coupled with this, investor-state dispute settlements are on the rise.
These can contribute to the weakening of laws in areas such as reducing pollution, ensuring safe workplaces, and protecting indigenous rights. While a response does not mean that the company is fully addressing the particular issue, it does indicate a willingness to engage publicly with concerns raised by civil society. The briefing provides insights into areas where encouraging changes are underway, including:.
Strong civil society networks: Despite heavy restrictions on freedom of expression and association, remarkable coalitions are able to combine their resources to push for change. However, these examples are still too rare.