Malaysia has 27 years to prepare for aged nation status, says minister

KUALA LUMPUR: Malaysia faces a 27-year window to prepare for becoming an aged nation by 2048, a considerably shorter timeline than that of several developed countries, Economy Minister Akmal Nasrullah Mohd Nasir stated. The minister highlighted the rapid timeline contrasted France's 115-year projection, Australia's 73 years, and the United States' 69 years.

Malaysia officially transitioned to aged nation status in 2021 when the population aged 65 and above reached seven percent of the total population. In 2048, when adult citizens aged 65 and older represent 14 percent of the population, and 20 percent by 2060, Malaysia is expected to become a super-aged nation. The minister discussed the unique challenges faced by Malaysia during its ageing transition, including lower income levels compared to developed nations at the same stage, resulting in slower workforce growth, inadequate retirement savings, and increased demand for healthcare and elderly care services.

The minister revealed the National Ageing Blueprint (NAB) 2025-2045 is nearing finalization for review, with the White Paper on Preparation for Becoming an Aged Nation set to be presented in the Dewan Rakyat today. He confirmed the government's openness to implementing district rejuvenation pilot zones in affected areas, citing the accelerated ageing process in specific localities due to young people migrating to major cities.

The minister also discussed the potential of the silver economy to generate new business and employment opportunities for the youth through sectors such as elderly care, health technology, and digital services.