Southeast Asian nations are grappling with a demographic crisis as declining birth rates threaten to undermine economic prosperity. Experts warn that the region's growth prospects are at risk due to an ageing population and shrinking workforce.
A looming concern overshadowing ASEAN 's economic progress, alongside climate change, is the declining birth and fertility rates within Southeast Asia. This demographic shift , driven by changing lifestyles and urbanization, threatens to disrupt the region's growth trajectory.
While ASEAN boasts a substantial population of around 670 million, making it the third most populous region globally after India and China, experts emphasize the urgency for regional governments to address the challenges posed by an ageing population and dwindling birth rates. The ASEAN Key Figures 2023 report highlights this demographic transition, revealing a stark decline in the total fertility rate (TFR) over the past decade. While a temporary decrease in TFR can initially stimulate economic growth by reducing the child dependency ratio and increasing the proportion of the working-age population, the long-term consequences are worrisome. Continued fertility decline will inevitably lead to a shrinking working-age population and a burgeoning elderly population, placing a significant strain on social security and healthcare systems.As nations grapple with this demographic shift, Singapore, Thailand, Vietnam, and Malaysia are already experiencing the effects of an ageing populace. By 2030, one in four Singaporeans will be 65 or older, while Thailand anticipates 25 percent of its population reaching this age by 2040. Vietnam follows a similar trajectory, projecting nearly 30 percent of its population to be 60 or older by 2050. Malaysia's ageing process is more gradual, with 14.5 percent of its population projected to be 65 or above by 2040. Indonesia, Brunei, Cambodia, Myanmar, and Laos are also preparing for the influx of older citizens. These trends underscore the need for proactive measures. Governments must invest in social protection programs, implement pro-natal policies to encourage higher birth rates, and prioritize care for senior citizens and healthcare infrastructure
ASEAN Population Decline Birth Rates Economic Growth Ageing Population Demographic Shift Social Security Healthcare
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