Asia’s ageing population to cost $20T – study

SINGAPORE: Asia’s population is ageing faster - day, warning the swelling ranks of the elderly

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Yearly spending on caring for the elderly is

faster rate than any other region in the world,” said APRC executive director Wol

Surging growth in Asia over the past few decades prompted a baby boom in many cheap labor force that in turn boosted productivity and incomes.

boomers age, leaving the young to look after them—either by staying at home or paying for their care.

from a period when they reaped a ‘demographic dividend’ to one where they face the prospect of paying a ‘demographic tax’,” the study said.

- ing to the study.

Japan will become the first “ultra- aged” country, with elderly people accounting for

to invest heavily to care for their ageing populations, warning current levels are “unsustainable” as medical costs are growing faster than the economy in many countries.

Asia’s ageing rate is “an unprecedented

complex.

“What we want to achieve with this report is to act as a broad call of action for governments, individuals, insurers, healthcare professionals and organizations to start acting now.”