Rafal Chomik, John Piggott and Peter McDonald
APEC economies encompass a wide range of socio-economic profiles – poor to rich, young to old, regulated to free market. These differences can be instructive for those seeking international policy lessons. They also create new opportunities for cooperation that have the potential to improve wellbeing across member economies. How economies and regions manage demographic change will define their success in what will be an ‘ageing century’.
To write an overview paper on the role of demographic change on labour force and economic growth in APEC requires some unifying framework to organise the issues. Here we apply a supply-side, GDP accounting framework to decompose the contribution of population, participation, and productivity to GDP per capita (the 3P’s).
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