Turning ageing into opportunities

Thailand has grown grey before it has grown rich.

- Sutthida Lertrujiwanich

The challenge now is how to turn older people into a driving force for the economy instead of letting them slow the country down.Unlocking their potential and meeting their needs may hold the answer.

The country is now officially an aged society and will become “super-aged” by 2033, when the elderly outnumber children and youth. This shift will change how Thailand works, spends, and lives. But it also opens a door to a new kind of growth — the Silver Economy, built around meeting the needs and tapping the potential of older people.

A 2023 study estimated Thailand's elderly-related spending at 2.18 trillion baht. About 660 billion came from the government, mostly on health, while seniors themselves spent 1.52 trillion baht buying goods and services from the private sector, including food, housing, travel, finance, technology, and care.

Many continue to earn, mainly through wages and self-employment, particularly in farming and informal work. Longer life expectancy and better health mean they can stay active and productive for longer.

Older people are also helping to drive the economy. Many continue to earn, mainly through wages and self-employment, particularly in farming and informal work. Longer lives and better health mean they can stay productive well into their later years. Yet many still struggle with money. Too few have savings, and some carry debt.

Meanwhile, welfare payments are rising, showing that Thailand is, as economists say, “getting old before getting rich” The real challenge is helping seniors stay independent, not dependent on handouts.

By 2033, Thailand’s ageing economy could expand to 3.5 trillion baht, growing nearly 5% each year. The elderly population will reach 18.4 million, with more than a third, or 6.6 million people, still in the workforce, generating around 880 billion baht in income.