The process of demographic transition and its impact on savings and economic growth has become a useful debate in developed and less developed countries. Developed countries are facing the problem of aging population while less developed counties are facing the problem of overall growth in population and youth dependency. This study examines the impact of demographic variables on savings and economic growth focusing selected Asian countries. Selected countries are divided into two regions, East Asia which has good economic performance and South Asia which has potential but not showing remarkable economic performance. Study developed the savings and growth models by incorporating both life expectancy and youth dependency during the period of 1975-2014 where most of studies in past have overestimated these effects by incorporating life expectancy and age dependency separately. Fixed and Random effect technique is applied for estimation. In estimated results, study finds that population growth has negative impact on per capita GDP growth for all sample countries and East Asian countries but its impact is positive for South Asian countries. Further study also finds a positive and significant impact of literate population for all sample countries. The findings of the study suggest that South Asian countries should learn from East Asian “economic miracles” by making polices regarding health, education and labour market. Otherwise it might be a curse, resulting on increased unemployment and unbearable burden on health, education and old age security Supervisor:-Dr. Shujaat Farooq