Population aging is one of the main demographic phenomena in the world and in Latin America and the Caribbean. In the region, it is estimated that in 2024 the number of people aged 60 and over is 94.9 million, representing 14.2% of the total population. This age group is the fastest growing, since it will represent 25% of the total population in 2050. The accelerated process of population aging in Latin America and the Caribbean poses several challenges and opportunities, and requires appropriate public policy responses to face a future characterized by greater longevity and a greater proportion of older people in society.
This demographic shift is reshaping our economies and societies. It presents challenges for public policies on social protection, health, care, as well as the labor market, where many older people remain active beyond retirement age due to insufficient pensions and the lack of other sources of income. Furthermore, the multiple forms of discrimination against older people represent an obstacle to the full enjoyment of their human rights, especially when considering the intersection of age with characteristics such as gender, socioeconomic situation and disability status, among others.
However, older people are also increasingly demanding more products and services, which can present a great opportunity for global and local markets. The “silver economy”, defined as that part of the economy focused on the needs and demands of older people, entails business opportunities in fields such as telemedicine, information and communication technologies, tourism, smart home systems, health care and home care, among others. This approach challenges stereotypes about older people, promotes healthy and active aging, and seeks to adapt pension, education and savings systems, as well as labor markets, to this new reality. The “silver economy” also has the potential to help create new jobs, especially in sectors such as health and care.
In this context, the ECLAC-BMZ/GIZ Strategic Alliance Program “Challenges and opportunities of population aging: care and the silver economy”, aims to promote knowledge about the economic impact and opportunities of population aging, both for present and future generations, for the design of public policies and the strengthening of national capacities. Within the framework of this Program, a study was prepared that analyzes future scenarios for the growth of consumption by older people, both public and private, in six countries representative of various stages of the demographic transition (Argentina, Brazil, Chile, Costa Rica, Paraguay and Peru), based on the National Transfer Accounts (CNT) and previous research on this matter. The study promotes knowledge about the opportunities provided by the silver economy, particularly in the area of care (especially long-term care), for both present and future generations.
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