Population aging is rapidly becoming one of Asia’s most daunting challenges.
In 2023, 14% of the region’s population was aged 60 or above, and that share is projected to swell to 25% by 2050. The proportion of the over-60 population in Japan is already 35.6% and will likely reach 43% by midcentury, while in China it is set to double, to 40%, by then. Though these countries have been graying for some time, even relatively younger ones across Asia are now experiencing sharp demographic shifts.
These trends can have significant economic consequences, from a shrinking labor force and rising pension and health care costs to a greater risk of elderly poverty and income inequality. To head off these problems, Asian governments must develop integrated policies that encourage older individuals to stay in the workforce, boost their productivity and well-being and safeguard the financial stability of pension and health care systems. By harnessing the full potential of aged workers, these countries can tap an often underutilized resource to sustain economic prosperity.
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