Our Research Question: A comparative study of the ageing population of the four asian tigers (Singapore, Taiwan, Hong Kong and South Korea) and the medical spending of each region.
Finalised Literature Review:
The four Asian Tigers, Singapore, Taiwan, South Korea and Hong Kong. 4 amazing well-developed economic countries.The Asian Tigers or Asian Dragons is a term used in reference to the highly free and developed economies of Hong Kong,Singapore, South Korea, and Taiwan. These nations and areas were notable for maintaining exceptionally high growth rates (in excess of 7 percent a year) and rapid industrialization between the early 1960s and 1990s. By the 21st century, all four have developed into advanced and high-income economies, specializing in areas of competitive advantage. For example, Hong Kong and Singapore have become world-leading international financial centers, whereas South Korea and Taiwan are world leaders in manufacturing information technology. Their economic success stories have served as role models for many developing countries, especially the Tiger Cub Economies.
Prior to the 1997 Asian financial crisis, the growth of these four Asian tiger economies (commonly referred to as, ‘The Asian Miracle’) has been attributed to export oriented policies and strong development policies. Unique to these economies were the sustained rapid growth and high levels of equal income distribution. A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management.
By the 1960s, investment levels in physical and human capital amongst the four countries far exceeded other countries at similar levels of development. This subsequently led to a rapid growth in per capita income levels. While high investments were essential to the economic growth of these countries, the role of human capital was also important. Education in particular is cited as playing a major role in the Asian miracle. The levels of education enrollment in the four Asian tigers were higher than predicted given their level of income. By 1965, all four nations had achieved universal primary education. South Korea in particular had achieved a secondary education enrollment rate of 88% by 1987.There was also a notable decrease in the gap between male and female enrollments during the Asian miracle. Overall these progresses in education allowed for high levels of literacy and cognitive skills.
Our Main Objective is to find out about each Asian Tiger’s age population and find out how much is spent on their healthcares, according to their medical spending. There is a short summarisation of each Tiger below.
We found out about what amount of Singapore’s budget is spent on healthcare, which was very low. No research was found relating to medical spending of Elderlies but there was news about not enough hospital beds. MOH responded by saying it is not the number of hospitals that they need to increase, but to keep the people/elderly healthy.
As stated by Alvin W K LI, The population of Hong Kong is currently ageing at a moderate pace. The
proportion of population aged 65 and over has increased from 9.8% in 1995 to 12.1% in 2005. However, as the baby boomers start to become older persons in the middle of the next decade, the population will age at a relatively fast pace in Hong Kong. But ultimately, the combination of a shrinking workforce, a growing non-workforce, falling revenues, low taxes and minimal social welfare means something has to give if Hong Kong is to maintain social fairness and cohesion.
According to (askakorean.blogspot),At any rate, Korea’s healthcare system is absolutely beautiful. Basically, everyone is covered for everything (with some amount of deductible) as long as the procedure is not elective. The wait time is short and everything is dirt-cheap. It has been this way since 1989. The Korean works in the U.S. for a large company that provides top-rated health insurance, and it still sucks compared to the national health insurance in Korea.
Few understand the true toll of a declining birth rate and shrinking workforce in coming years. A recent report by the Council for Economic Planning and Development (CEPD) also predicts that four in every 10 people will be age 65 or older by the year 2060. Meanwhile, the working population (age 15-64) is set to decline from 2015 after reaching a high of over 17.3 million.
The percentage of health spending in the Asian Tigers:
South Korea 58.2%
Hong Kong 12%
From this literature Review, we have found out that there is a research gap which is no one has done a thorough research on the ageing population and medical spending of the 4 Asian Tigers.
Alvin W K, L. (n.d.). Population ageing in hong kong and its impact on labour force . Retrieved from http://www.insee.fr/en/insee-statistique-publique/colloques/citygroup/pdf/Paris-Group-PopulationAgeinginHK-052006.pdf