A hyper-aged society is defined by the United Nations as those in which seniors make up more than 21% of the population. Standard Chartered Bank said in a statement Asia was getting old much faster than Europe and the US did last century.
Korea and Singapore are already ageing, which means that between 7% and 14% of the population is 65 and over. By 2030, more than one in five Koreans and Singaporeans will be seniors, making the countries statistically hyper-aged, like the UK and Germany.
Attempts to raise fertility rates across Asia have so far proven unsuccessful. For the major economies, including China, Thailand, Japan, Singapore and Korea, fertility rates remain well below the 2.1 it would take to replace the current population.