IGCF 2024 Highlights Silver Economy As Catalyst For UAE's Inclusive Growth

The International Government Communication Forum (IGCF 2024) commenced on Wednesday, 4th September, with a significant discussion on the Silver Economy's potential. The session titled ‘How does ageing become the essence of the ‘silver economy?’ was part of IGCF’s Gov. Talks platform.

Hessa Bint Essa Buhumaid, Director General of the Community Development Authority in Dubai, highlighted the increasing importance of the Silver Economy. She discussed its potential to drive inclusive economic growth and cater to an ageing global population.

Moderated by Nancy Bahmad, senior presenter at Forbes Middle East, the session explored how governments can create environments where seniors remain active and independent. Buhumaid stated: "The ‘Silver Economy’ encompasses products and services catering to seniors, which has the potential to boost economic activity significantly."

She noted that with life expectancies reaching 70 globally and 80 in some countries, seniors are a crucial demographic. Governments and businesses should focus on enabling them to stay productive and self-sufficient.

Buhumaid elaborated on the economic impact of the Silver Economy. "By 2025, it is expected to contribute EUR 6.4 trillion to Europe’s GDP and generate 88 million jobs," she said. She also mentioned significant progress in the UAE through initiatives like the National Strategy for Senior Citizens in 2018 and Federal Law No. (9) of 2019 on Senior Emiratis' Rights.

She emphasised public-private partnerships' role in supporting seniors, especially in healthcare and technology sectors. Governments should adopt best practices to address this growing demographic's needs.

Technological Integration

The session underscored educating seniors about technological advancements and involving them in decision-making processes. This approach ensures that their community segment is adequately represented and benefits from new developments.

Buhumaid stressed raising awareness among younger generations about seniors' purchasing power. Markets must recognise this demographic's influence and cater to their needs effectively.

The forum highlighted that fostering environments where seniors can thrive is essential for leveraging the Silver Economy's full potential. This includes creating initiatives that support their independence and productivity.

The IGCF 2024 discussions provided valuable insights into how ageing populations can be integrated into economic growth strategies. By focusing on senior citizens' needs, governments can harness a significant economic resource.

With inputs from WAM