Best practice of demographic dividend

Bangladesh has a fairly young population with 34 percent aged 15 and younger and just five percent aged 65 and older. At present, more than 65 percent of our population is of working age, between 15 and 64. When there is such a large percentage of young people in any nation, they are expected to contribute to the country's economy. This opportunity is known as the 'demographic dividend' which refers to the economic growth potential that can result from shifts in a population's age structure, mainly when the share of the working-age population is larger than the non-working- age share of the population," as defined by the United Nations Population Fund. Our policymakers need to realise that for a country where 24.3 percent of the population live below the national poverty line, no matter what the GDP growth rate or per-capita income is, rising income inequality and millions of young people unemployed or underemployed point to a ticking time bomb. Moreover, our population will reach 223.5 million by 2041 and 230-240 million by 2050. As mentioned earlier, this demographic dividend is not guaranteed or automatic-dividend comes of use when jobs are created, and when young people join the workforce. Therefore, if we want to reap the full benefits of the demographic dividend, we need to act fast because demographic dividend is a one-time short-lived phenomenon that usually continues for 30 to 35 years, and by 2045 to 2060, this window of opportunity to accelerate economic growth will start to disappear. So before time runs out, we must act to prepare our young people for the future world of work. Since most new jobs. that will be created in the future will be highly skilled, we need to revamp our weak education system to make it more suitable to the changing times. Alongside that, we must invest much more in education, health and nutrition, infrastructure, and adopt an expansionary economic policy and create a favourable environment for local and foreign investment, so that we can increase production, productivity and consequent employment opportunities for the future workforce. If we succeed, we will ensure the prosperity of our people. And if we fail, our 'demographic dividend' can turn into a 'demographic disaster."