The latest edition of Peak Insights “Asia demographic trends: elders and millennials” from Clarence Wong, Chief Economist at ICMIF Supporting Member Peak Re, focuses on Asia’s ageing population and the implications they see arising from the slowdown in population growth, and the simultaneous ascension of the millennials who Peak Re believes will add to the region’s already fast-expanding middle-class.

According to this Peak Insights, the pandemic and economic recession in 2020 might have possibly sped up the pace of population ageing and delayed the rise of the millennials. The impacts, though, are likely to be short-lived. Going forward, better understanding of the ageing phenomenon and the socio-economic characteristics of the millennials will be of paramount importance according to the findings shared in this edition of the publication.

The key findings of the publication are:

• Two population cohorts will shape the outlook of Asia in the next decade: the Elders and the Millennials.
• Lower fertility rate and longer life expectancy are driving population ageing in Asia, with dire implications on issues ranging from economic growth to the provision of old-age social benefits. Meanwhile, the region’s economic growth will derive support from the coming ascension of the Millennials, who will increasingly form the core of Asia’s aspiring middle-class.
• The pandemic and economic recession in 2020 might have possibly sped up the pace of population ageing and delayed the rise of the Millennials. The impacts, though, are likely to be short-lived.
• Going forward, better understanding of the ageing phenomenon and the socio-economic characteristics of the Millennials will be of paramount importance.

Read the latest edition of Peak Insights here.

View all insights from Peak Re here.