FORESIGHTING THE TRANSFORMATION REQUIREMENTS TOWARDS ‘AGING ECONOMY’

Increasing lifespans for aging people are reshaping the global socioeconomic challenges and creating new demands, a new type of economy that totally absorb the shift in the demographic changes. In this paper, the reality of the aging economy is foresighted based on the literature reviewed. Both the challenges and the opportunities of the aging economy are explored. The analysis realises the homogeneity required for an aging economy, given the experience of the inspiration labs in optimising the use of such a concept in solving socioeconomic issues. The outcome shows that foresighting the economics of aging and setting realistic transformation plan would help to enhance communities and countries readiness towards this coming global aging challenge without threating the quality of life of humans who happens to live beyond 65 years old.