Economy minister says just 27 years to prepare for Malaysia’s rapidly ageing population, warns nation will be ‘super-aged’ by 2060

Malaysia has a mere 27 years to adequately prepare for transitioning into an "aged nation" status by 2048, a much shorter timeframe compared to other developed countries, according to Economy Minister Akmal Nasrullah Mohd Nasir. France, Australia, and the United States, for example, have 115, 73, and 69 years respectively before facing the same demographic shift. Malaysia officially became an "aging nation" in 2021, with 7% of the population aged 65 and above.

Nasir explains that the country will enter "aged nation" status by 2048, when the percentage will rise to 14%, and "super-aged nation" by 2060, when it hits 20%. This rapid transition is particularly challenging for Malaysia because of its lower income levels compared to developed nations during their own aging processes. The minister highlighted issues such as slowing workforce growth, insufficient retirement savings, and an increased demand for healthcare and elderly care services.

In response to a question about establishing a district rejuvenation pilot zone in Sekijang, Nasir asserted that the government is open to implementing such projects in affected areas. He acknowledged that the trend of young people moving to cities accelerates the aging process in specific areas, hence the need for urban management and recreational tourism planning tailored to the elderly.

Nasir also touched on the potential of the "silver economy" to create new business and employment opportunities for the youth through sectors such as elderly care, health technology, and digital services. The Ministry of Economy, alongside the Department of Statistics Malaysia and other agencies, is currently developing specific indicators to measure the silver economy's contribution to the Gross Domestic Product.