KUALA LUMPUR: Economists have stressed the urgent need to start developing the silver economy and improving both physical and social infrastructure to ensure sustainable growth and quality of life for Malaysia's ageing population.
They pointed out the importance of healthcare, urban development, technology and societal attitudes in ensuring that the country can support its ageing citizens effectively.
The silver economy refers to economic activities aimed at serving older people.
National Graduate Institute for Policy Studies associate professor of development studies Guanie Lim said no nation can ever fully prepare for an ageing society.
"All one can do is to be aware of the pitfalls and install safeguards while the nation is still relatively young. The preparation includes both hard and soft infrastructure," he said.
Malaysia has done a relatively decent job compared to countries with similar demographics and income levels, but much remains to be done, said Lim.
In terms of hard infrastructure, he said there needs to be more amenities such as ramps and priority seating in public spaces for the aged.
Although public and private sectors have provided these facilities, their distribution is still uneven.
Soft infrastructure, on the other hand, requires a genuine shift in attitude, which takes more effort and time than hard infrastructure changes.
"What the prime minister has announced is very helpful, but we must expand and deepen these efforts over the next few years, even decades. There really is no room for half-hearted moves."
For example, employers must stop discriminating against employees above a certain age. There must be efforts from all parties to discourage such practices and reward employers who hire older workers, said Lim.
Economist Dr Geoffrey Williams said: "We know the age profile of the population and the number of people who will be in the older age groups each year.
"Preparing for this begins with understanding that millions of people will need different things during their older years."
These needs include new housing in communities that can support older people, as well as care homes and hospices.
"There is huge potential for construction companies to develop housing options designed for older people."
Healthcare infrastructure is also crucial since older people require more medical assistance.
Thus, both public and private healthcare investments are necessary, he added.
Williams also pointed out the need for human resources in the healthcare sector focused on the elderly, including home care assistants, nurses, medical specialists and transport specialists.
Income security is another critical area, requiring a full reform of pensions and retirement finance, with a non-contributory component that cannot be solely funded by individuals or their families.
"The most important thing is to acknowledge these changes now and begin planning immediately, especially for income security," added Williams.
Centre for Market Education chief executive officer Dr Carmelo Ferlito agrees with Prime Minister Datuk Seri Anwar Ibrahim that Southeast Asia is ageing twice as fast as the West.
He emphasises the need to develop a silver economy, prioritising healthcare and urban development centred on public transport.
Additionally, he points out the importance of creating social activities and entertainment options for the elderly.
Ferlito noted that it is not the government's role to develop all these aspects alone, as it must maintain fiscal responsibility.
"Instead, the government should create the right rules to allow these changes to happen gradually and sustainably, leveraging the private sector's involvement."
Malaysian Institute of Economic Research economist Dr Shankaran Nambiar said the population is ageing rapidly and the prime minister is right in highlighting the need for more investments to address this demographic shift.
This includes creating elderly-friendly infrastructure and utilising new technologies like robotics and AI to improve the quality of life for older adults, he said.
"More research and development in pharmaceuticals is needed to slow the effects of ageing. Solutions to ageing require a holistic approach."