By KhabarAsia.com Staff Writer
Nobel Laureate Sir Christopher A. Pissarides, professor of economics at the London School of Economics (LSE), recently shared his insights on the complex challenges and opportunities presented by global demographic changes during an interview with CGTN Anchor Guan Xin.
Pissarides emphasized that countries worldwide are facing significant demographic shifts, notably aging populations and declining birth rates. These changes pose substantial challenges to economies, labor markets, and social welfare systems.
He highlighted the pivotal role of automation and artificial intelligence (AI) in reshaping the workforce to address these demographic shifts. Pissarides suggested that automation and AI are not just about replacing human labor but can enhance productivity and create new opportunities. He believes that embracing these technologies can help mitigate the impacts of a shrinking workforce and support economic growth.
Regarding job creation, Pissarides stressed the importance of developing market economies and expanding the services sector. He underscored the need to remove market barriers to facilitate trade and enterprise operations. According to him, fostering a conducive business environment, especially in the services sector, can stimulate job creation and drive economic development.
Pissarides’ insights are particularly relevant for Asia’s rapidly developing economies, where demographic trends and technological advancements are reshaping societies. His emphasis on embracing automation and fostering open markets resonates with policymakers, business leaders, and investors seeking sustainable growth strategies.
Sir Christopher A. Pissarides was awarded the Nobel Prize in Economic Sciences in 2010 for his analysis of markets with theory of search frictions.
Reference(s):
cgtn.com
