Silver Economy Strategies: A Comparative Study of Japanese and South Korean Governmental Measures

Pauline Gschwendtner

doi:10.2478/vjeas-2020-0003

Abstract

Abstract This article comparatively analyses the Japanese and South Korean governments’ measures directed at embracing the economic opportunities held by a growing elderly population. As highlighted in the literature review, no overarching framework for creating a global ageing strategy has been formulated to date, despite a noteworthy set of activities aimed at capturing the potential of an ageing population. By examining the strategic action plans and policies of these two East Asian countries through a general set of criteria (actors and plans, contributors and factors, actions and content), a possible universal approach is evaluated. The analysis concludes that the respective governmental measures are characterised by great similarity, reflecting the intervention possibilities of similarly structured democracies in related fields. Most notable similarities include the targeting of the small and medium enterprise sector for innovation in newly emerging industries and markets, an improvement of the research and development environment, and the evaluation of social transformations for the development of strategic solutions. The sectorial focus lies on information and communication technology solutions, artificial intelligence and robotics, and additionally focuses on health and medical care devices, as well as on devices facilitating independent living and mobility.

Highlights

Population ageing, describing the shift in the distribution of a country’s demography towards a greater proportion of elderly people, is a challenging phenomenon dawning in many industrialised and emerging market countries in the twenty-first century (World Health Organisation 2018; United Nations Population Fund 2012: 2; Sander et al 2015; United Nations Population Fund 2017; Petermans and Piau 2017; Organisation for Economic Co-operation and Development 2016; Peine et al 2015)
It was discovered that in spite of the challenges posed by ageing demography, this phenomenon holds great economic potential
It has become clear that with the right approaches, population ageing can be turned into an opportunity to develop new markets and products, as well as direct innovation capacities and research and development (R&D) towards the Silver Economy

Summary

Introduction

Population ageing, describing the shift in the distribution of a country’s demography towards a greater proportion of elderly people, is a challenging phenomenon dawning in many industrialised and emerging market countries in the twenty-first century (World Health Organisation 2018; United Nations Population Fund 2012: 2; Sander et al 2015; United Nations Population Fund 2017; Petermans and Piau 2017; Organisation for Economic Co-operation and Development 2016; Peine et al 2015). Population ageing has a negative impact on economic growth and productivity. It increasingly burdens the social security, health, and medical care systems, as well as disrupts the labour market of any concerned country. The growing consumer group of elderly people brings forward a new industry or economic sector—the so-called “Silver Economy” (Peek, Wouters, and van Hoof 2014; The World Economic Forum 2015; Organisation for Economic Co-operation and Development 2014a; Kohlbacher, Herstatt, and Levsen 2015)

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Conclusion