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

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.