Globally, the economic footprint of the 50-plus demographic reached a staggering US$45 trillion in 2020, accounting for 34 percent of global gross domestic product (GDP).
By 2050, this is expected to double as improvements in healthcare, nutrition, and quality of life extend average life expectancy from 47 years in 1950 to over 73 years today.
However, this longevity gain brings a challenge- on average, nearly 20 percent of our longer lives are spent with illness and disability, highlighting the urgent need for a shift towards healthy ageing.
In Asean, the number of older adults is projected to rise dramatically from 77 million in 2020 to over 173 million by 2050.
The demographic transition is unfolding at...