BangkokPost-Feb 21

Thailand is expected to become an “aged” society this year or next, with people aged 60 and over set to account for 20% of the population. The country has been classified an “ageing” society since 2005. This trajectory has Thailand becoming a “super-aged” society in 2031 or 2032, where those aged 60 and over make up 28% of the population. 2019 was the first year the number of elderly people in Thailand surpassed the figures for newborn children. According to Kasikorn Research Center (K-Research), roughly 95%-96% of the Thai elderly population has low to moderate income. These demographic changes present great challenges for policymakers, particularly amid the ongoing pandemic, which has caused great hardship not only to the country’s economy, but also to people’s way of life. But these shifts also offer business opportunities for products and services that target the elderly market. Entrepreneurs, especially healthcare service providers, have already begun to adjust their businesses to better serve elderly people. “The government must create measures to deal with an aged society, making the elderly feel secure, but not overdependent on state welfare,” said Dr Boon Vanasin, chairman of SET-listed Thonburi Healthcare Group. Read more at: https://www.bangkokpost.com/business/2267415/rise-of-the-grey-market