Browsing by Author "Anuththara, S"

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Open Access
Ageing affecting the Americas?: exploring the growth direction: the relationship between the elderly population and economic growth in the American context
(Springer Nature, 2025-02-13) Jayawardhana, T.; Jayathilaka, R; Karadanaarachchi, R.; Nimnadi, T; Anuththara, S
The main aim of this study is to explore the relationship between the elderly population and economic growth in 25 North and South American countries use annual secondary data from 1961 to 2021. Instead of focusing on the conditional mean, this study tests for Granger causality in the entire conditional distribution of the elderly population and economic growth through wavelet coherence analysis. The study fndings indicated a unidirectional Granger causality running from per capita gross domestic product (GDP) to the elderly population for Bolivia, Colombia, Guyana, Peru and Puerto Rico and also from elderly population to per capita GDP for Costa Rica, Ecuador and Honduras. However, there is no causal relationship between the elderly population and economic growth for the rest of the countries. Wavelet coherence analysis depicted that economic growth positively led the elderly population in North America during the early 21st century. Furthermore, economic growth had been negatively leading the elderly population in South America throughout the period under consideration. This empirical study shows that policymakers of these economies need to analyse the transformation in the elderly population-economic growth causality robustness throughout the year when devising policies
Open Access
Asian ageing: The relationship between the elderly population and economic growth in the Asian context
(PLOS ONE, 2023-04-24) Jayawardhana, T; Anuththara, S; Nimnadi, T; Karadanaarachchi, R; Jayathilaka, R
The elderly population and economic growth have been a contentious topic among researchers. Regardless of the economic growth rate, the population and its growth have a stimulating influence on economic development. This study aims to explore the relationship between the elderly population and economic growth in 15 Asian countries, based on secondary data gathered from the WDI (World Development Indicators) from 1961 to 2021. This research contributes to filling the empirical gap, capturing the Granger causality concerning the relationship between the elderly population and economic growth in the Asian context in a single study. The empirical findings highlighted a one-way Granger causality from economic growth to the elderly population for India, Japan, Malaysia, and Singapore while vice versa for Bangladesh, China, and Pakistan. Furthermore, for Nepal, there is a two-way Granger causality, while there is no Granger causality for remaining countries. To the best of the authors’ knowledge, this study has been the first to investigate the relationship between the elderly population and economic growth for Asian nations, using a lengthy data series and a Granger causality test. The main findings will assist the governments, policymakers, and foreign investors in effective decision-making in this regard.
Open Access
The cost of aging: Economic growth perspectives for Europe
(PLOS ONE, 2023-06-23) Jayawardhana, T; Jayathilaka, R; Nimnadi, T; Anuththara, S; Karadanaarachchi, R; Galappathth, K; Dharmasena, T
This study explores the causal relationship between the economy and the elderly population in 15 European countries. The economy was measured by the Per Capita Gross Domestic Product growth rate, while the population aged above 65 as a percentage of the total was considered the elderly population. The data were obtained from a time series dataset published by the World Bank for six decades from 1961 to 2021. The Granger causality test was employed in the study to analyse the impact between the economy and the elderly population. An alternate approach, wavelet coherence, was used to demonstrate the changes to the relationship between the two variables in Europe over the 60 years. The findings from the Granger causality test indicate a unidirectional Granger causality from the economy to the elderly population for Luxembourg, Austria, Denmark, Spain, and Sweden, while vice versa for Greece and the United Kingdom. Furthermore, for Belgium, Finland, France, Italy, Netherlands, Norway, Portugal, and Turkey, Granger causality does not exist between the said variables. Moreover, wavelet coherence analysis depicts that for Europe, the elderly population negatively affected the economic growth in the 1960s, and vice versa in the 1980s.
Open Access
Exploring the Dynamics of the Elderly Population and Economic Growth: A Comparative Analysis Across Continents
(Springer, 2024-05-30) Jayawardhana, T; Jayathilaka, R; Anuththara, S; Nimnadi, T; Karadanaarachchi, R; Galappaththi, K
This paper explores the cause-and-effect relationship between the elderly population and global economic growth, focusing on different continents. A panel dataset spanning from 1961 to 2020 is utilized, with Gross Domestic Product (GDP) serving as the key measure for economic growth, represented as the percentage change in annual GDP. The study specifically centers on individuals aged 65 and above as a percentage of the total population. The analysis employs a Panel Granger causality test to assess the impact of the elderly population on economic growth. The results reveal a unidirectional Granger causality for Africa and Oceania, suggesting a one-way influence from the elderly population to economic growth. Conversely, instances of bidirectional Granger causality are identified for Asia, Europe, North America, and South America, indicating a mutual influence between the elderly population and economic growth during the study period. The study concludes that an endogenous relationship between economic growth and the elderly population emerges, but notably, this relationship becomes apparent only after an economy has completed its transition in economic development. This implies that the dynamics of the elderly population and economic growth are interlinked, with the nature of their interaction becoming more pronounced in the later stages of economic development.