Due to a decrease in the population in the past three years, Thailand is expected to become a super-aged society by 2029, according to research conducted by Kasikorn Research Centre (KResearch).

The research also shows the number of newborns and adolescents between 2020 and 2022 has fallen.

The newborn rate of the country is now at 0.76% a year, while adolescents now comprise only 1.33% of the population.

These numbers are in contrast to the population growth pattern seen during the Baby Boomer generation -- those who were born between 1963-1983 -- in Thailand, one million of whom will turn 60 years old this year.

Researchers said there are many factors contributing to this trend, such as the pandemic and financial insecurity. Some people are also choosing to not have children.

KResearch said it may be challenging for the country, as this could affect not only businesses but also public policies.

KResearch said businesses are facing a challenging situation due to fewer potential customers; because of this, businesses need to target those who have higher purchasing power.

It also suggested changing products or services for the elderly, most of whom have financial problems.