The Impact of Aging Workforce on Labor Productivity in ASEAN Countries
DOI:
https://doi.org/10.55164/ecbajournal.v18i2.277378Keywords:
Aging Workforce, Labor Productivity, ASEAN, Aging Society, Panel DataAbstract
This research aims to study the impact of aging workforce on labor productivity in 10 ASEAN countries. The factors considered in the analysis included the aging workforce, unemployment rate, real GDP per capita, investment in technology, Old-aged dependency ratio, workers with higher education, and government efficiency index. The data were panel data collected from 2014 to 2022, a total of 9 years, the study used the Generalized Method of Moments (GMM) estimation for the analysis. The findings of the study revealed aging workforce, the unemployment rate, and the interaction variable between high-income countries and aging workforce, had a significant negative effect on labor productivity in ASEAN. Meanwhile, the Old-aged dependency ratio had a positive effect on labor productivity. This study provided valuable insights for policymakers in planning and implementing strategies to enhance labor productivity in the region.
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