Schools replaced by care homes and a once-vibrant economy dulled by one of Asia’s oldest populations: experts fear this is the Hong Kong of the not-too-distant future.
One in three people in the city is expected to be 65 years old or above by 2041, threatening to curb economic growth in the major financial hub, the Hong Kong government has warned.
“It is a huge concern for our population development,” Hong Kong University social sciences professor Paul Yip said, explaining that the economy will take a hit if the ageing trend continues.
“There will be more people but less that are working, so fewer people will be contributing to the economy of Hong Kong,” Yip said.
The plight of the ageing population in Hong Kong is getting more and more serious
While some critics argue that government forecasts for 2041 fail to make allowances for migration or those who will continue to work beyond the retirement age of 65, the territory faces clear challenges on an economic and social front.