AGEING POPULATION ON ECONOMIC GROWTH IN MALAYSIA

Abstract

Ageing is a global phenomenon, with Malaysia experiencing an increasing number of older people aged 60 and above and a decreasing number of young people aged 15 and below. The Department of Statistics Malaysia reports that the elderly population is increasing every year, with the 15% threshold expected to be crossed by 2030. This ageing population has impacted Malaysia's economic growth, as it is less likely to contribute to GDP. The effects of ageing population on socioeconomic development are significant, and it is crucial for all parties to work together to minimize the impact of this population increase on the country's economy