The Central Bank of Taiwan says that the government should invest more in childcare to minimize the economic impact of low birth rate.
In its latest report, the Central Bank cited figures from the National Development Council which predict that Taiwan’s working population will drop to less than 50% of the total population by 2065. That’s down from 73.9% in 2015, and is lower than the projection for the United States, Japan, and Singapore.
The Central Bank said that Japan and South Korea, which also face the challenge of a dwindling work force, have invested to make childcare and education more affordable in an effort to boost dwindling birthrates. The bank said the government should make structural changes and invest more in childcare to minimize the impact of low birth rate.