Indeed, according to these projections, in some Asian and European countries such as Japan, Korea, Spain and Italy, there will be just 3 working-age individuals for every 2 people over 65 in the year 2050, compared to an average of 11 working-age individuals for every person over 65 in 1950. Even African countries, home to the youngest populations in the world, will see a moderate increase in the dependency ratio in the years to come. I mentioned earlier that net migration inflows can help sustain the current workforce levels in Europe. However, the obvious fact that migrants become part of the retired population once they reach the retirement age implies that the benefits in terms of old-age dependency ratios are less evident. Its effect will last only to the extent that immigrant flows increase further in future. Hence, we may conclude that the role of migration, when it comes to addressing population ageing as measured by dependency ratios, is probably limited. 4  Certainly, we must bear in mind that there is considerable uncertainty over how fertility, mortality and migration flows will evolve in the coming decades. Accordingly, the point estimates of future population levels and dependency ratios must be viewed with some caution. In fact, when the analyses explicitly account for this uncertainty, the results show there is a high degree of variation in the intensity of future population ageing.
Such payments services  4  BIS central bankers’ speeches  make the payments safer and faster. Payments are the circulation of money which is the life blood of the economy. Sixth, agent of the government This is the function that leads to a lot of criticism on the independence of the Central Bank. Six most important agency functions are the management of public debt, fiscal agent, official depository, financial adviser, management of Employees’ Provident Fund and Administration of Exchange Control Act. The most important agency function of the Central Bank is the financial/economic adviser to the Government. In this regard, as the Central Bank is responsible for the monetary policy in its entire scope and escalation. Conventionally central banks have had the responsibility to advise the Government on fiscal and other operations to the extent that they impinge on the economy and advise as to what should be the best course of policy action for the economy. Given the nature of the central banks’ functions, advance access to macroeconomic and financial information and their expertise, central banks are the closest economic advisers to the Government. The Central Bank statutorily submits a number of reports such as the Central Bank Annual Report as part of this advice. In addition, the Central Bank provides advice on various policy matters on an on-going basis to the Government. However, central banks world over are blamed for not providing constructive and impartial advice because of the independence issue. I will talk on central bank independence in a moment.