Thailand must adapt to meet its unique demographic challenge

[webfact]

Thailand is facing a unique demographic problem unlike other aging countries in North East Asia and Europe. The country is growing old before it attains economic prosperity, a situation pointed out by a recent article in The Economist.

 

Unlike their counterparts in the developed world, the country will have to grapple with the challenge of supporting a burgeoning elderly population without the financial cushion that comes with high GDP per capita. Thailand had a GDP per person of just $7,000 in 2021 while 14% of its population was already 65 or over, setting it on course for a demographic dilemma that could have far-reaching implications for its socio-economic fabric.

 

The most immediate problem is the decline in the labor force. As the younger working-age population dwindles, a smaller number of workers are left to support a growing number of retirees. This will put immense strain on social security systems, healthcare, and other forms of social assistance, risking a drop in the overall quality of life. To counter this, Thailand needs to focus on multiple avenues that extend beyond mere economic adjustments.

 

by Arun Saronchai

 

Full story: THAI ENQUIRER 2023-10-24

 

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[Ben Zioner]

I  gave a  clue on a different thread: Family allowance financed by a wealth tax.

[nausea]

Interesting point, but I guess poorer retirees have less expectations in terms of support than their richer counterparts.

Edited October 24, 2023 by nausea
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[2baht]

While ever the greedy hi-so and politicians take more than their share, there will ALWAYS be implications!

[Pique Dard]

24 minutes ago, webfact said:

the country will have to grapple with the challenge of supporting a burgeoning elderly population without the financial cushion that comes with high GDP per capita

 ...yeah, luckily enough there are all these foreign retirees bringing their financial cushion with them

[daveAustin]

Here’s an idea, if they double tax all foreigners, the greedy rich Thais won’t have to pay their just dues. 😜

[retarius]

I guess the only people with money are the wealthy so they have to tax them. Good luck with taxing those greedy bastards.

[digbeth]

lowering the permanent residence income threshold would be a start, the 80,000 a month is impossible to meet for most neighboring countries worker who have family and kids here, if they are on a path to citizenship they are contributing to social security and tax to support the ageing thai population 

[Chris Daley]

The people in the picture are just lazy though.  Not related to the story.

[fondue zoo]

 

There will be nothing left to control or shake money out of in 20/30 years if they can't wrap their heads around that playtime is coming to an end.

 

 

[mfd101]

Has to begin at the bottom (infants/kindergarten & reading), then primary & secondary education with trained teachers & possibility of failure, then technical college & university ...

 

Around 50 years of consistent hard work and social change should do it.

[Purdey]

It might be an idea to eliminate retirement ages, as opposed to raising the retirement age. There are people like me I am sure who enjoy working and carry on for the fun of it.

[hotchilli]

5 hours ago, 2baht said:

While ever the greedy hi-so and politicians take more than their share, there will ALWAYS be implications!

The wealth divide will continue, those in positions of gain will always get richer, those who are at the bottom of the wealth ladder will always remain poor.

[ourmanflint]

Thailand has developed from the top down. all the available money in the system has already been funnelled to the top where it will stay

[dinsdale]

7 hours ago, webfact said:

The country is growing old before it attains economic prosperity,

Economic prosperity is here in Thailand. The top 5% own almost everything.

ps. Bring back reactions to our posts. Not simply how many posts a person has done. This means nothing.

 

[mrfill]

According to the 2021 census, the UK has 18.6% of its population over 65, so the problem is not exactly unique to Thailand.

[SoilSpoil]

3 hours ago, mrfill said:

According to the 2021 census, the UK has 18.6% of its population over 65, so the problem is not exactly unique to Thailand.

I guess you didnt read the article.

[Nsp64]

8 hours ago, Purdey said:

It might be an idea to eliminate retirement ages, as opposed to raising the retirement age. There are people like me I am sure who enjoy working and carry on for the fun of it.

Therefore denying a working person of a decent job so you can carry on with your "fun"

[Dan O]

12 hours ago, Chris Daley said:

The people in the picture are just lazy though.  Not related to the story.

You really have no clue about Thailand do you. 

[NorthernRyland]

23 minutes ago, Dan O said:

You really have no clue about Thailand do you. 

What are you talking about, poor lazy people are a dime a dozen in Thailand.

[Dan O]

12 minutes ago, NorthernRyland said:

What are you talking about, poor lazy people are a dime a dozen in Thailand.

Being poor has nothing to do with being lazy, nor does the pic or the article. I like to see you try to live in the conditions the majority of thais live in and see how well you do in life. 

[chickenslegs]

9 hours ago, Purdey said:

It might be an idea to eliminate retirement ages, as opposed to raising the retirement age. There are people like me I am sure who enjoy working and carry on for the fun of it.

Out in the sticks "retirement age" is an unknown concept. People work in the rice fields, rubber plantations, etc. until they are no longer able to do so.

 

"People like me I am sure who enjoy working and carry on for the fun of it"... That's for the folk who are lucky enough to have a choice.

 

 

 

 

[rickudon]

At 600 baht a month, Old people are hardly a drain on government finances.

[KanchanaburiGuy]

Pretty disappointed that the article didn't say anything about the need to fix Thailand's culture of corruption. They listed a number of changes that could be beneficial, but ignore the fact that few of them can be successful where corruption is systemic.

 

Take education, for example: Does anyone think the education system is interested in educating its students well enough that they start to understand how corrupt the system is, and how poor the education they've received has been?

 

No, the Thai education system maintains itself almost entirely on keeping its students from getting too smart! The first rule: Don't question the teacher; don't question the rules: don't question authority......... EVER! 

 

How can a system with a vested interest in keeping its students dumb........ ever be expected to produce the high calibre students that some of the proposed changes require?

 

How can a system hope to produce INNOVATORS........ when independent thought is grilled out of them and/or punished, year after year?

 

I find it amazing that the article talks about all these changes........ yet says nothing about the one thing that is almost guaranteed to keep them from succeeding

 

A Developing Economy can afford a certain amount of corruption as a cost of doing business. But if Thailand wants to be able to get over those next hurdles......... most of those many, many layers of corruption have got to go! 

[observer90210]

Money does not always grow on trees. In some situations it needs to come in also from abroad. Reinstill trust amongst foreigners, stop all the immigration hassles for the decent retirees who are good spenders, make the stay smoother regarding all the current immigration absurdities and requisites, be ruthless with the corrupt system....then things will ? ... may ? change.