Silver Economy: Is Aging a Burden or Bangladesh’s Next Opportunity?

Bangladesh is oftenpresented as a young nation. Terms like "working-age population,""demographic dividend," and "future growth potential"frequently dominate our discussions. However, behind this optimistic narrative,a silent transformation is gradually becoming visible—one that we still talkabout very little. Bangladesh is slowly moving toward becoming an agingsociety. Within this changing reality, a new economic concept is emerging: theSilver Economy.

Over the last fewdecades, life expectancy in Bangladesh has increased significantly. At the timeof independence, the average life expectancy was around 47 years, which has nowcrossed 72 years. Advances in medical science, expansion of vaccinationprograms, and overall improvements in living standards have helped people livelonger. However, the other side of this success is the rapid growth of theelderly population. Unfortunately, Bangladesh has not yet developed therequired economic and social structures in a planned way to match thisdemographic change.

Globally, economicactivities centered around older populations are known as the Silver Economy.Generally, it focuses on the healthcare, security, lifestyle, and financialprotection of people aged 50 or 60 and above. In developed countries, the SilverEconomy is no longer just a social welfare concept; it has become a majoreconomic driver. In Bangladesh, however, elderly people are still mostly seenas a dependent group, and this mindset remains a major weakness.

To understand itsimportance, we need to look at global realities. In Japan, where a largeportion of the population is elderly, the country has turned this into anopportunity. Robotic care, elderly-friendly technology, specialized healthcare,and entertainment services have created a huge market. In Europe, the conceptof active aging is encouraged, where retired people remain engaged in economicactivities. This helps them stay mentally healthy while also contributing tothe economy.

In Bangladesh, thesituation is changing rapidly. According to the Bangladesh Bureau of Statisticsdata, the country currently has more than 15 million elderly people. By 2050,this number is expected to exceed 40 million. That means one out of every fourcitizens may be elderly. Ignoring this large population or treating them onlythrough sympathy conflicts with the idea of sustainable development.

The first and mostimportant pillar of the Silver Economy is healthcare. With age, chronicdiseases such as diabetes, heart disease, joint problems, and neurologicalconditions increase. Yet, specialized geriatric care services are still verylimited in Bangladesh. Development of the Silver Economy can create new jobmarkets for caregivers, physiotherapists, rehabilitation experts, and geriatricspecialists. Home nursing services, telemedicine, and regular health monitoringservices are all part of this growing sector. If affordable, integrated caremodels for elderly people are introduced through public-private partnerships,they can attract significant investment in the healthcare sector.

The second importantpillar is housing. The traditional joint family system is declining, whilenuclear families are increasing. Due to urbanization and overseas employment,many elderly people now live alone. The term "old-age home" stillcarries a negative social perception in Bangladesh. However, under the SilverEconomy, this is not a place of sympathy but a concept of senior living orassisted living communities where elderly people can live with dignity, accesshealthcare support, and maintain security and social connections. Such housingcan open new opportunities for the real estate sector while ensuring thephysical and mental well-being of elderly citizens.

The third and mostsensitive pillar is insurance and pension systems. Financial uncertainty is oneof the biggest concerns for elderly citizens in Bangladesh. The government’suniversal pension initiative is timely, but full implementation will take time.The Silver Economy creates major opportunities for private insurance companies.Age-based health insurance, long-term care coverage, and post-retirementprotection plans can create long-term capital flow in the insurance sectorwhile ensuring financial security for elderly citizens.

The Silver Economydoes not mean only increasing spending for elderly people. It means using theirexperience, skills, and social capital in economic activities. Many elderlypeople remain mentally and physically capable after retirement but becomeinactive due to a lack of opportunity. Creating part-time work, consultingroles, and social engagement opportunities can benefit both individuals and thestate.

In conclusion, agingis not a disease; it is a natural stage of life. The real question is how wewant to shape this final chapter of life—through uncertainty and dependence, orthrough security and dignity. The Silver Economy gives us the chance to makethat choice. It is time to see elderly people not as a population of the past,but as a valuable human resource. A Silver Economy built around healthcare,housing, and insurance will not only drive economic growth but also make oursociety more humane and inclusive.

Sakif Shamim, FACHE,FLMI (Economist) Managing Director, Labaid Cancer Hospital