The economic outlook for the Asia -Pacific region remains robust – the strongest in the world in fact. With economic growth projected to reach 5.5% for 2017 and 5.4% for 2018.
However there are a number of factors that may impact on this growth, Asia is ageing fast and this speed of ageing is remarkable compared to the historical experience in Europe and the United States. As such some parts of Asia risk becoming old before becoming rich.
Asia has enjoyed a substantial demographic dividend in the past decades but rapid ageing is now set to create a demographic tax on growth.
In several Asian countries immigration – if past trends continue – could play an important role in softening the impact of ageing or prolonging the demographic dividend.
This has resulted in many Asian countries looking for innovative solutions to ensure that Talent flows into their economies and solutions such as Back 4 Good are under consideration in a vast range of countries.
There is now a severe skills shortage in Asia with many countries and employers finding themselves struggling to find Talent.
China – over the next decade the working-age population is declining significantly and already China is looking for skilled professionals and offering higher wages to attract this talent.
India – Although India has a young population ,only about 2% of the workforce is skilled, in contrast to countries such as South Korea and Japan, where skilled workers represent 96 and 80% of the population respectively. The lack of skilled labour is severely hindering India’s ability to develop and the Back 4 Good concept is active in Bangalore, New Delhi and Mumbai today.
Myanmar – The fastest growing economy in South East Asia is looking to fill over 20 million jobs over the next 5 years and has adopted the Back 4 Good concept with a major call to its expatriates to return home for good.
Philippines – While its working age population is growing as it has been more successful in providing access to education the country is also experiencing a shortage of highly skilled labour and working along with Back 4 Good the country hopes to expand its talent sources by attracting its migrants workers back home to the Philippines.
Indonesia – Indonesia has a young population with more than 63% below the age of 35. However like many other emerging economies in Asia Indonesia lacks Talented workers and the need for skilled employees in Indonesia is forecast to grow from 55 to 113 million up to 2030 and work is underway at developing the Back 4 Good concept along with creating employee training programmes to upskill the local workforce under a Back 4 Good initiative.
As we roll out Back 4 Good into Asia we are always keen to develop partnerships with organisations in each city or country and should you wish to get involved contact Back 4 Good today.