Ageing Population and the Generation Economy of Japan:

A Lesson for Bangladesh

Abstract

The ongoing and mostly permanent transition to an older demographic is a significant global challenge, becoming acute in the next decades. The world has experienced an ageing population and its related consequences in socio-economic development.  Although the ageing issue in developing countries is still not as serious as in developed nations, it has become an urgent issue for achieving their agenda for Sustainable Development (SDGs), adopted by all United Nations members in 2015. The Global South can draw valuable lessons from developed nations in addressing the challenges of an ageing population, transforming what is often perceived as a burden into a significant resource for economic and social development. This study examines whether Bangladesh can adopt the Japanese model to improve active ageing in the country. This study is expected to significantly improve the policy and strategies of Bangladesh’s ageing population, which may help the country achieve its SDGs. This study suggests that Bangladesh’s government could consider implementing Japan’s long-term care insurance program for the elderly. Additionally, recognizing the country’s financial constraints, the government has launched an employment program for the elderly similar to Japan’s approach. This initiative is expected to have a positive effect on the country’s economy.