Thailand will be a 'super-aged' society by 2029

Thailand is expected to become a super-aged society by 2029 due to a decline in population over the past three years, according to a study.

According to a study conducted by the Kasikorn Research Centre (KResearch), the number of newborns began to drop sharply in 2020, the year of the pandemic, and continued to decline over the next two years, while the mortality rate also increased during the same period.

To make matters worse, the country's birth rate is now 0.76% per year, while teenagers now represent only 1.33% of the population.

See: Panic after surprising drop in birth rate in Thailand

These figures contrast sharply with the explosive population growth pattern of Thailand's baby boomer generation (born between 1963 and 1983), one million of whom will turn 60 this year.

According to researchers, many factors contribute to this trend of demographic decline, such as the pandemic and financial insecurity.

A more recent trend, in which some are choosing not to have children, is also affecting these figures.

According to KResearch, it might be difficult for the country to focus solely on methods to improve population figures, as this could potentially affect not only businesses, but also public policies.

Businesses are facing a difficult situation due to the declining population, which results in a decrease in the number of potential customers. For this reason, companies must target those with higher purchasing power in order to compensate for the loss of revenue, according to KResearch.

The study also suggests modifying products or services to make them more accessible to older people, most of whom have financial problems, and considering these services in the context of an aging global market.

Furthermore, it was suggested that the training and development phase of new workers should be accelerated so that companies can respond quickly to rapidly changing business trends.

According to KResearch, the worrying issue of population decline could pose another challenge for the new government, following the elections to be held next month, regarding policies related to the nation's competitiveness and its social protection schemes.

See also:

Why Thailand needs to prepare now for an increasingly gray society

Source: Bangkok Post