TBILISI (GEORGIA), May 2 -- The number of people aged 60 and above in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion-or about a quarter of the total population-significantly increasing the need for pension and welfare programs as well as healthcare services, said a new report on Thursday.

At the same time, economies have an opportunity to reap a "silver dividend" in the form of additional productivity from older people, which could boost gross domestic product in the region by 0.9% on average, said the Asian Development Bank (ADB).

"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....