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The problem of ageing population in Singapore and HongKong is more serious than we thought
Savings as a percentage of GDP has been declining rapidy in both countries post credit crisis.
According to Morgan Stanley, following the credit crisis, saving has declined in Hong Kong and Singapore.
Morgan Stanley notes that apart from weaker export income, both these economies are also approaching a turning point in their demographics where the age dependency ratio (non-working to working age population) is deteriorating.
"The rising age dependency will be a structural headwind for these economies to maintain their level of aggregate saving. Hong Kong’s saving ratio has been declining significantly already over the last few years, leading Singapore; its age dependency trend is leading Singapore’s," it added
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