<p>This study explores the economic implications of demographic aging in Central Asia, focusing on how shifts in age structure—particularly the share of the working-age population—affect long-term economic growth. Utilizing panel data from 1960 to 2022 across five Central Asian countries, the analysis employs an aggregate production function and distinguishes between retrospective (chronological) and prospective (functional) measures of aging. This dual approach allows for a nuanced evaluation of how labor force potential evolves in the context of increasing life expectancy and health improvements. The results indicate that while demographic aging is projected to exert a drag on economic growth after 2050, this effect can be substantially mitigated by enhancing the functional capacity of older populations and adopting proactive policy interventions. Notably, increases in the working-age share—particularly when measured prospectively—have a statistically significant positive impact on income per capita growth. However, lagged effects signal the onset of demographic drag, emphasizing the importance of timely policy responses. The findings underscore the critical role of functional aging, labor force participation, and adaptive institutions in shaping economic resilience. By incorporating prospective aging measures, this study advances existing literature and highlights the potential for aging societies in Central Asia to sustain economic growth through strategic investments in health, education, and inclusive labor policies. Ultimately, demographic aging presents both a challenge and an opportunity, contingent on the region’s ability to align demographic trends with forward-thinking reforms.</p>