MANILA - The number of people aged 60 and older in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion, and comprehensive policy reforms are urgently needed to support the welfare of older people, said a report released Thursday by Asian Development Bank (ADB).

Longer lifespans reflect the region's development success, but the region is yet prepared to secure the well-being of its rapidly aging population and their increasing need for healthcare services, the report said.

According to the report, many older people in the region have no choice but to work beyond retirement age to survive. Among those still working at age 65 or older, 94 percent work in the informal sector

"Asia and the Pacific's rapid development is a success story, but it's also fueling a huge demographic shift, and the pressure is rising," said ADB Chief Economist Albert Park in the report.

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"Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also important to foster healthy and productive populations of older people and maximize their contribution to society," Park added.

The report also forecasted that the regional economies can reap a "silver dividend" in the form of additional productivity from older people, which could boost gross domestic product in the region by an average of 0.9 percent.

According to the report, many older people in the region have no choice but to work beyond retirement age to survive. Among those still working at age 65 or older, 94 percent work in the informal sector.

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The report recommended various policy measures to support the aging population, including government-assisted health insurance and pension plans, improved health infrastructure, as well as basic labor protections for older informal workers.