Developing Asia, Pacific unprepared for challenges of ageing population: ADB report

MANILA: The number of people aged 60 and over in developing Asia and the Pacific is projected to nearly double by 2050 to 1.2 billion, according to a report released by the Asian Development Bank (ADB) on Thursday. The report emphasises the urgent need for comprehensive policy reforms to support the welfare of the ageing population.

The report highlights that longer lifespans are a testament to the region's developmental success. However, it also points out that the region is not yet fully prepared to ensure the well-being of its rapidly ageing population and their escalating healthcare needs.

"Asia and the Pacific's rapid development is a success story, but it's also fuelling a significant demographic shift, and the pressure is mounting," said ADB Chief Economist Albert Park in the report. He added, "Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also crucial to foster healthy and productive populations of older people and maximise their contribution to society."

The report also forecasts that regional economies could reap a 'silver dividend' in the form of increased productivity from older people, which could potentially boost the region's gross domestic product by an average of 0.9%.

According to the report, many older people in the region have no choice but to continue working beyond retirement age to survive. Among those still working at age 65 or older, 94% are employed in the informal sector.

The report recommends various policy measures to support the ageing population, including government-assisted health insurance and pension plans, improved health infrastructure, as well as basic labour protections for older informal workers.

By RSS/Xinhua