New challenges emerge as Thailand’s population continues to age
Thailand’s elderly population is projected to reach 20.4 million people in 2040, accounting for 31.3% of the total population, according to the director of the Commerce Ministry's Trade Policy and Strategy Office, Poonpong Nainapakorn.
The transition to an ageing society began in 2021 when there were 13.8 million elderly Thais, representing 20% of the total population, Poonpong said.
The increasing proportion of elderly Thais will lead to a shrinking workforce and a decline in income generation, and cooperation between the government and private sector is necessary to find solutions, Poonpong said.
The main reasons for the continuous growth in the elderly population is a declining birth rate and advancements in medical care that extend lives. This, however, creates an imbalance between the working-age population and the elderly, which affects incomes and government spending on healthcare and welfare.
An ageing population also brings challenges in terms of technological adaptation as the elderly may face difficulties in adapting to rapid advancements in technology.
As elderly people require more healthcare and welfare, the government will need to allocate a greater share of its budget to cover these expenses.
The reduction in the working-age population will impact economic productivity and growth, but some professions related to elderly care will see increased demand for workers, Poonpong said.
New policies will need to be developed to address Thailand’s ageing population, primarily in terms of employment and effective spending for elderly people. Preparing for an increasingly ageing population is essential to reduce inequality and ensure a high quality of life for the Thai population, officials say.
Demand for products and services will shift, with a greater focus on health promotion and elderly care. Smart products, smart homes, self-driving cars, and medical technologies will gain popularity as the elderly population grows. Healthcare and tourism related to medical services are expected to see significant growth.
