Malaysia prepares for aged nation status with long-term social protection, healthcare and economic reforms to ensure fiscal sustainability.
KUALA LUMPUR: The government aims to develop a comprehensive social protection system over the long term as one of the steps to prepare Malaysia for aged nation status, according to the Ministry of Economy.
The ministry stated that these efforts also include the development of a sustainable healthcare system and a high-productivity-based economy to ensure the country is well prepared to face structural demographic changes.
“Focus will be given to strengthening the country’s fiscal sustainability through reforms to social and health financing, more efficient public expenditure management, and the optimisation of national resources.
“This step is to ensure that the increase in spending related to the elderly can be accommodated without jeopardising long-term fiscal stability,” the ministry said in a written response published on the Parliament website yesterday (July 13).
The ministry said this in response to a question from Datuk Muhammad Bakhtiar Wan Chik (PH-Balik Pulau), who asked the ministry to outline its short-, medium-, and long-term strategies and measures to address Malaysia’s transition to an aged nation.
The ministry also stated that the government will continue to develop the potential of the silver economy as a new source of growth through the development of products, services, and industries that meet the needs of the ageing population, thereby creating new job and investment opportunities.
