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Rafizi: M'sia going through ageing nation process poorer than others
Malaysia is not only an ageing nation but it is also going into the state poorer than other countries, says Economy Minister Rafizi Ramli.
“What is more worrying (about becoming an aged nation) is that the other countries that are going through this process, they are in a better economic and financial household position than Malaysia.
Malaysia is not only an ageing nation but it is also going into the state poorer than other countries, says Economy Minister Rafizi Ramli.
“What is more worrying (about becoming an aged nation) is that the other countries that are going through this process, they are in a better economic and financial household position than Malaysia.
“Meaning that not only are we going through this fast, which in itself is a problem to the economy, we are going through it poorer than some other countries,” he said at the launch of the Economic Census 2023 findings in Putrajaya today.
The issue will continue to be a focus for the economic census, he assured.
Previously, the National Census 2020 revealed that the population percentage of senior citizens aged 65 and above has increased significantly in the past two decades.
It stood at 6.8 percent or 2.2 million in 2020 compared to 3.9 percent in 2000.
READ MORE | Census 2020: M’sia heading towards an ageing society
According to the Economic Census 2023, among Asean countries, Malaysia ranked fifth in gross domestic product (GDP) behind Indonesia, Thailand, Singapore, and Vietnam.
Malaysia is third in GDP per capita for 2023, behind Singapore and Brunei. However, the gap is considerable.
Malaysia’s GDP per capita in 2023 was US$11,649, compared to US$84,734 in Singapore and US$33,431 in Brunei
Meanwhile, the Economic Census 2023 found that the number of organisations in the elderly care industry increased by 4.7 percent in the last seven years.
In the same period, the total number of organisations in the life insurance industry increased by 5.3 percent.
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