Singapore, Spain, Egypt promote the development of the silver economy
Expanding New Opportunities for the Industry and Improving the Well-being of the Elderly (International Perspective)
According to the World Social Report 2023 released by the United Nations, the number of people aged 65 and over is expected to more than double by mid-century, from 761 million in 2021 to 1.6 billion in 2050. According to the report, population ageing is a global trend, and countries should continue to optimize policies to promote the protection of the rights and interests of the elderly and explore opportunities for the development of related industries to achieve a sustainable future. In recent years, Singapore, Spain and Egypt have explored opportunities to expand industrial development, and launched a number of policies and measures in a timely manner to strengthen the construction of facilities suitable for the elderly, promote the development of the silver economy, and improve the well-being of the elderly.
SINGAPORE –
Strengthen facilities and services for the elderly
Launch more useful products
According to the government's FY2024 budget, the country plans to invest S$3.5 billion (US$1 is about S$1.36) over the next 10 years to support the "Senior Singapore" program, expand age-friendly facilities such as active senior centres and community-based care flats, and improve home care services.
According to the 2023 Population Briefing released by the National Population and Talent Agency of the Prime Minister's Office, 19.1% of Singapore's population aged 65 and above reached the age of 65 as of June 2023, and it is estimated that by 2030, 1 in 4 Singaporeans will be aged 65 or above. The Singapore government expects the country to enter a super-aging society by 2026, and will optimize policy measures in various areas such as medical care, product development, and employment training.
In 2022, the Singapore government's Old Age Subsidy Programme provided about S$590 million in cash subsidies, benefiting nearly 260,000 seniors aged 65 and above. In June 2023, Singapore launched the "Healthy Singapore" program, where citizens aged 60 and above can receive free vaccinations and regular medical check-ups, as well as low-cost medicines at selected clinics. In November 2023, Singapore launched the "Senior Singapore" programme, which focuses on caring for the mental health of the elderly and helping them maintain their connection to society.
An ageing population has given rise to a silver economy. At present, more and more companies in Singapore are involved in the development of a range of practical products for older consumers. "Red Crown Senior Living" is a local care service provider that provides a variety of services such as assisted living housing services and independent self-occupied housing services. The company can also provide different types of apartment or house rentals and personalized life assistance services according to the applicant's physical condition and personal needs.
Singaporean start-up's latest wearable smart device can dynamically detect falls in elderly wearers and trigger distress alerts when the wearer may be in danger. Other companies have developed AI applications to help caregivers monitor the physical condition of elderly patients. There are also Singaporean companies that have developed a series of pureed foods that are easy for the elderly who have difficulty swallowing.
Spain –
Focus on the needs of the aging population
Strengthen the economy of related industries
According to the Spanish National Statistics Institute, as of May 2023, Spain has 16 million people aged 55 and over, accounting for 34% of the country's total population, making it the largest age group. This age group is expected to make up half of the total population by 2035.
The European Commission said that with the aging of the population, related industries such as health care, silver tourism, Internet of Things, housekeeping, housing and other industries have ushered in new development opportunities, and Spain is expected to become the "leader" of silver economic growth in Europe in the future.
At the Sixth Symposium on the Economy of the Elderly, held not long ago, a number of Spanish experts discussed issues such as promoting the development of the silver economy. Inaki Ortega, a professor at Rioja International University, said that 25 percent of Spain's economic income comes from goods and services provided to people aged 55 and over, and more than half of this income is redirected to the elderly.
In 2020 and 2021, the region's silver economy-related sectors generated a turnover of nearly 10 billion euros, up 8.4% compared to 2017, accounting for nearly 4% of the region's GDP, and more than 700 companies of all types related to the silver economy, an increase of 29% compared to 2017, according to a report on the silver economy by the Spanish Trade and Investment Agency.
In Madrid, the capital of Spain, there are start-ups that provide tailored home care and health care services for the elderly, including about 20 subdivided services such as care and companionship, meals, physiotherapy, medication control, cognitive stimulation, etc., and adjust the service content in real time according to the needs of users. The company now has an annual turnover of 1.2 million euros and branches in Catalonia and Bilbao.
The province of Burgos in Spain has also seized the opportunity of the development of the silver economy and formulated an action plan to encourage small and medium-sized enterprises in the province to focus on the most basic needs of the elderly group, focusing on remote care, home care and home shopping. The province of Burgos is also actively exploring local tourism resources and promoting the development of senior tourism through competitions to select the most feasible innovative and sustainable solutions.
Egypt –
Expand support for the elderly
Focus on improving the quality of life
Egypt's Ministry of Health and Population recently announced the launch of the "Continuing Care for the Elderly Health Program", which aims to improve the quality of life of seniors aged 65 and above. According to the plan, Egypt will establish 401 health centers in all health management areas of 21 provinces to prevent and treat hypertension, diabetes, heart disease, kidney failure, digestive diseases and malnutrition among the elderly, as well as conduct regular psychological surveys and nutritional assessments.
According to the results of the 2023 census, Egypt's population aged 65 and over is 4.03 million. It is estimated that by 2050, Egypt's elderly population will reach 23.7 million, making it one of the largest countries in the Middle East. As the elderly population increases, Egypt launched the "Companion for the Elderly" project in 2019 to provide home care services for the elderly, while exempting seniors aged 70 and above from public transportation costs. In 2022, the Egyptian government's "social solidarity pension" for elderly families totaled nearly 50 million Egyptian pounds (1 US dollar is about 48 Egyptian pounds). In 2023, the Egyptian government will allocate 100 million Egyptian pounds from the "Egyptian Living Fund" to expand the support of the elderly fund to promote the development of the silver economy related to daily consumption, domestic services, health services, education services, tourism and entertainment related to the elderly, and continue to meet the personalized needs of the elderly and help improve their quality of life.
According to Mahmoud Martini, president of Ain Shams University in Egypt, the university established the Department of Geriatrics and Gerontology in 1982 and the first geriatric hospital in the Middle East in 2018. "Egypt needs to continue to expand its investment in geriatric medicine to make up for the lack of geriatric care services, strengthen cooperation with other countries in digital health for the elderly, and develop simple and low-cost digital applications for the elderly through regular conferences on the silver economy, ageing technology, and research projects, so as to help the elderly integrate into the digital society." Mahmoud Martini said.
Egypt's Al-Ahram newspaper reported that industries related to the elderly population have huge growth potential, and vigorously developing the silver economy is conducive to expanding employment, stimulating consumption, and promoting investment, which is an important part of promoting Egypt's social and economic development.