Bangkok Thailand – 10 March 2025 – The Office of the National Economic and Social Development Council (NESDC), in partnership with United Nations Population Fund (UNFPA) Thailand, the Global NTA Network, the Institute for Population and Social Research at Mahidol University, and the College of Population Studies at Chulalongkorn University, organizes the “Policy and the Generational Economy: The 15th Global Meeting of the NTA Network” conference. Mr. Suriya Jungrungreangkit, Deputy Prime Minister of Thailand and Minister of Transport, delivers keynote remarks at the event. The opening remarks are presented by Mr. Danucha Pichayanan, Secretary-General of the Office of the National Economic and Social Development Council (NESDC), Mr. Pio Smith, Asia-Pacific Regional Director for UNFPA, and Professor Concepció Patxot, Chair of the NTA Executive Council and Professor of Economics at Universitat de Barcelona. The event takes place at Lotus Suite 5-7, 21st floor, Centara Grand & Bangkok Convention Centre CentralWorld. 

This international academic conference brings together scholars, policymakers, and those interested in National Transfer Accounts (NTA), demography, and generational economy to share and discuss research findings and insights. The aim is to enhance innovative tools for shaping economic and social policies in line with current and future demographic trends. In Thailand, National Transfer Accounts (NTA) play a particularly vital role as the country faces the challenges of becoming an ageing society.

Megatrends: ageing population – rapid technological advancement – climate change: data-driven policy is critical.

In his keynote remarks, Deputy Prime Minister and Minister of Transport Mr. Suriya Juangroongruangkit explains that the conference theme, “Policy and the Generational Economy,” resonates deeply with Thailand’s priorities. The country stands at a demographic crossroads, experiencing a significant shift in our population structure with a rapidly ageing population and declining birth rates. Specifically, Thailand entered a completed aged society in 2023, with over 20 percent of our population aged 60 and above. This demographic trend is expected to continue, with the country rapidly transitioning to a super-aged society in 2033 and nearly one-third of the population being elderly by 2040. Meanwhile, the fertility rate has declined sharply from approximately 6 in the 1970s to about 1 today, accompanied by a rise in life expectancy. 

Mr. Suriya notes that demographic changes will reduce the proportion of working-age populations in almost every country. This will pose challenges but also opportunities, especially with the emergence of the “silver economy,” which recognizes senior citizens as valuable consumers and contributors in an evolving economic landscape. Moreover, rapid technological advancement significantly enhances human quality of life and boosts economic productivity. However, it also poses risks such as skill shortages and job displacement. Furthermore, climate change is among the most urgent challenges, potentially driving migration and disproportionately affecting those already facing social and economic disadvantages. In an era of disruptive megatrends and an increased emphasis on data-driven policy, NTA takes on heightened importance.

“This brings us to the important work of the NTA Network, including advancing research, promoting collaboration, and fostering a global understanding of the generational economy. It has also been instrumental in advancing our understanding of these complex issues as well as being valuable in shaping policy discussions around the world, and Thailand has greatly benefited from the knowledge and expertise shared by its members,” Mr. Suriya addresses.

National Transfer Accounts provide critical data for policy.

Mr. Danucha Pichayanan, Secretary-General of the Office of the National Economic and Social Development Council (NESDC), states during his opening remark that Thailand has been part of the NTA project in Asia since its inception. The NESDC has led the preparation and development of Thailand’s NTA data since 2012, in continuing collaboration with UNFPA.

Mr. Danucha also says that the NESDC has integrated the NTA framework into policy analyses, utilizing it to assess the multifaceted impact of demographic shifts, economic transfers, and the financial challenges faced by different age groups. NTA data, for example, provided empirical evidence that directly influenced the government’s decision to introduce the Child Support Grant. Furthermore, NTA projections through 2040 were incorporated into the draft of 15-Year Population Development Plan. This integration has been pivotal in showcasing the tangible value of NTA in shaping public policy.

“The theme of this year’s conference, Policy and the Generational Economy, is particularly pertinent as we are experiencing profound shifts in population structures, with far-reaching consequences for labor markets, social protection systems, and overall economic growth. The NTA framework provides invaluable insights to support evidence-based policymaking, ensuring both sustainability and intergenerational equity. Over the next four days, we will explore a broad spectrum of critical topics, from the technical aspects of creating NTA to the implications of demographic change for social welfare systems, as well as effective strategies for communicating NTA findings to policymakers. We are incredibly fortunate to have with us the founder of NTA, along with a distinguished group of experts, who will share their invaluable research and extensive experience,” Mr. Danucha states.

UNFPA emphasizes inclusive solutions to population challenges.

 Mr. Pio Smith, Asia-Pacific Regional Director for UNFPA, stated that UNFPA’s approach to addressing population ageing is rooted in a rights-based, life-cycle approach. This means investing at every stage of life—from infancy to old age—ensuring that older adults live with dignity, have access to essential services, and remain active participants in society. 

Central to this is promoting policies that empower women, including older women, to protect them from gender-based violence, such as elder abuse. It is by promoting active ageing, intergenerational solidarity, and age-inclusive policies, that the full potential of ageing populations can be unlocked. To support governments in this process, UNFPA utilizes tools like the National Transfer Accounts framework, which helps analyze how resources and labor income are distributed across different age groups. 

“The 15th Global National Transfer Accounts Global Conference underscores the importance of leveraging the intersection of demographic change and economic policy, and this gathering could not be more timely. Across the globe and in Asia and the Pacific, countries are undergoing rapid demographic transitions – including declining fertility rates and a rise in longevity. UNFPA partners with governments to help them develop and implement forward-thinking strategies to navigate these demographic shifts that harness the potential of all people, regardless of age, while embracing the diversity within their populations. Only together, can we create a future where everyone has the opportunity to thrive.”

Understanding Thailand’s National Transfer Accounts (NTA) 

National Transfer Accounts (NTA) serve as a crucial tool offering empirical evidence that illuminates the complex relationship between a country’s economic structure and its demographic makeup. Countries around the world have been using NTA for over 20 years. For instance, Thailand’s 2021 NTA demonstrate the economic and social impacts of the COVID-19 pandemic on various age groups. They present labor income, consumption expenditure, and the gap between income and expenditure of the population in each age group. They also show ways to bridge the gap among people in each age group through intergenerational transfers and asset allocations.

NTA data can be utilized for a variety of purposes. Clearly presented NTA data provides the public with a comprehensive understanding of labor income, expenses, savings, and intergenerational transfers. Policymakers can leverage NTA data to identify critical issues, formulate effective policies, and evaluate their impact. NTA data also serve as a cornerstone for further analysis and in-depth studies by academic institutions.

The “Policy and the Generational Economy: The 15th Global Meeting of the NTA Network” conference runs from 10 to 13 March 2025 at the Centara Grand & Bangkok Convention Centre at CentralWorld. The event consists of two main parts: (1) an academic seminar held on Monday, 10 March (9:00 a.m.–5:00 p.m.), and (2) a workshop for the international NTA network from 11 to 13 March. Researchers and interested participants, both domestic and international, will present and discuss their studies. Key issues of this year’s conference include the significant disparities among countries using NTA regarding youth and elderly labor supply, gender disparities in labor income, and education, as well as new approaches to employing NTA to assess the prospective economic ramifications of future alterations in these four factors.