The increase in elderly among the Thai population and declining birth rate are expected to hinder the country's future economic expansion, according to a new study by the government's planning unit.
Jinanggoon Rojananan, deputy secretary-general of the National Economic and Social Development Council (NESDC), said its study, which uses the National Transfer Account (NTA) as a tool to design policies or measures to mitigate future impacts, found the higher elderly demographic is expected to cause the economy to contract by an average of 0.5 percentage points a year between 2023 and 2033.
