Hong Kong overtook the Japanese to become the longest living population on earth last year.
By 2043, close to two in five (36%) of Hong Kong’s population are expected to be 65 or above, and 10% will be 85 and above.1 By 2064 Hong Kong’s median age is expected to rise to 51 and account for about 30% of the total population. 2 This is compounded by the fact that about 30% of Hong Kong’s elderly population live below the poverty line.
The financial pressure of an aging population will also affect Hong Kong’s broader economy, driving a 21% drop in GDP and a 10% drop in real GDP per capita by 2050 if this situation continues, according to the International Monetary Fund (IMF). As a response, the Hong Kong government remains fully committed to community healthcare, and has substantially increased Hong Kong’s financial contribution to residential and home care services. Healthcare spending has risen by 525% since 1990, according to a 2013 paper from Hong Kong Domestic Health Accounts, for instance. But this commitment to public healthcare expenditure will be difficult to sustain, and service users can still expect long waiting times.
How Hong Kong should make use of Big Data and online portals to develop a sustainable and effective elderly care system?
1. Census and Statistics Department, Baseline Population Projections up 2064