The International Government Communication Forum (IGCF 2024) kicked off on Wednesday (September 4) with a thought-provoking discussion on a key global trend – the growing and untapped potential of the Silver Economy at the IGCF’s Gov. Talks platform.

In the session titled ‘How does ageing become the essence of the ‘silver economy?’ HE Hessa Bint Essa Buhumaid, the UAE Minister of Community Development and Director General of the Community Development Authority in Dubai, focused on the growing relevance of the ‘Silver Economy’ and its potential to contribute to inclusive economic growth.

The discussion moderated by Nancy Bahmad, senior presenter at Forbes Middle East, highlighted how governments can foster environments where seniors remain productive and independent while addressing the needs of a rapidly ageing global population.

Buhumaid said: “The ‘Silver Economy’ encompasses products and services catering to seniors, which has the potential to boost economic activity significantly. With life expectancies now reaching 70 worldwide and 80 in some countries, seniors represent a key demographic that governments and businesses should focus on by fostering environments that enable them to remain active and independent.

She further explored the economic potential of the Silver Economy. “By 2025, it is expected to contribute EUR 6.4 trillion to Europe’s GDP and generate 88 million jobs,” noting the significant strides made in the UAE, referencing initiatives such as the National Strategy for Senior Citizens in 2018 and the Federal Law No. (9) of 2019 on the Rights of Senior Emiratis.

The minister emphasised the need for public-private partnerships, particularly in healthcare and technology, to support seniors. She also stressed that governments should adopt best practices to cater to this growing demographic, including raising awareness among younger generations and ensuring markets recognise seniors’ purchasing power.

The session also stressed the importance of creating initiatives to educate seniors on technological advancements and involving them in decision-making processes targeting their community segment.