As fewer babies are being born in Southeast Asia due to changing lifestyles and urbanisation, it could be a real crunch on economic productivity.
According to the “ASEAN Key Figures 2023” report, ASEAN is the third-most populous region in the world, following India and China.
“Although climate change will pose a challenge for ASEAN, I believe a bigger challenge will be tackling the declining birth and fertility rates, as this will impact overall productivity and thus the ability of each country to fight climate change.
Population decline can impact economic growth and social development, labour scarcity and shrinking youth population, say experts, while others argue that slowing population growth has its positives.
By 2030, one in four Singaporeans will be 65 or older, while Thailand expects 25 per cent of its population to reach this age by 2040. Vietnam is on a similar trajectory, with nearly 30 per cent of its population projected to be 60 or older by 2050.
According to the ASEAN report, the region is facing a demographic transition as the total fertility rate (TFR) dropped over the last decade.
“In the long run, especially if fertility continues to decline, the number of the working-age population will decrease while the number of elderly people will increase, resulting in an ageing population.
Government investments in social protection, implementations of pro-natal policies, care for senior citizens and healthcare will be crucial as the region will experience the tide of an ageing wave.
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