When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America

Latin American countries are in the midst of a demographic transition and, as a consequence, a population-aging process. Over the next few decades, the number of children will decline relative to the number of older adults. Population aging is the result of a slow but sustained reduction in mortalit...

Full description

Bibliographic Details
Main Authors:	Rofman, Rafael, Apella, Ignacio
Format:	Book
Published:	Washington, DC: World Bank 2020
Subjects:	DEMOGRAPHICS AGING PUBLIC EXPENDITURE HUMAN CAPITAL PENSIONS HEALTH CARE LONG-TERM CARE MORTALITY MORBIDITY POPULATION AGING LABOR MARKET
Online Access:	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/317921601879563351/when-we-39-re-sixty-four-opportunities-and-challenges-for-public-policies-in-a-population-aging-context-in-latin-america http://hdl.handle.net/10986/34562

id	okr-10986-34562
recordtype	oai_dc
spelling	okr-10986-345622021-07-03T05:10:40Z When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America Rofman, Rafael Apella, Ignacio DEMOGRAPHICS AGING PUBLIC EXPENDITURE HUMAN CAPITAL PENSIONS HEALTH CARE LONG-TERM CARE MORTALITY MORBIDITY POPULATION AGING LABOR MARKET Latin American countries are in the midst of a demographic transition and, as a consequence, a population-aging process. Over the next few decades, the number of children will decline relative to the number of older adults. Population aging is the result of a slow but sustained reduction in mortality rates, given increases in life expectancy and fertility. These trends reflect welcome long-term improvements in welfare and in economic and social development. But this process also entails policy challenges: many public institutions—including education, health, and pension systems and labor market regulations—are designed for a different demographic context and will need to be adapted. When We’re Sixty-Four discusses public policies aimed at overcoming the two main challenges facing Latin American countries concerning the changing demographics. On one hand, older populations demand more fiscal resources for social services, such as health, long-term care, and pensions. On the other, population aging produces shifts in the proportion of the population that is working age, which may affect long-term economic growth. Aging societies risk losing dynamism, being exposed to higher dependency rates, and experiencing lower savings rates. Nonetheless, in the interim, Latin American countries have a demographic opportunity: a temporary decline in dependency rates creates a period in which the share of the working-age population, with its associated saving capacity, is at its highest levels. This constitutes a great opportunity in the short term because the higher savings may result in increases in capital endowment per worker and productivity. For that to happen, it is necessary to generate institutional, financial, and fiscal conditions that promote larger savings and investment, accelerating per capita economic growth in a sustainable way. 2020-10-02T15:53:16Z 2020-10-02T15:53:16Z 2020-10-02 Book https://documents.worldbank.org/en/publication/documents-reports/documentdetail/317921601879563351/when-we-39-re-sixty-four-opportunities-and-challenges-for-public-policies-in-a-population-aging-context-in-latin-america 978-1-4648-1605-5 http://hdl.handle.net/10986/34562 International Development in Focus; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research Publications & Research :: Publication
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	DEMOGRAPHICS AGING PUBLIC EXPENDITURE HUMAN CAPITAL PENSIONS HEALTH CARE LONG-TERM CARE MORTALITY MORBIDITY POPULATION AGING LABOR MARKET
spellingShingle	DEMOGRAPHICS AGING PUBLIC EXPENDITURE HUMAN CAPITAL PENSIONS HEALTH CARE LONG-TERM CARE MORTALITY MORBIDITY POPULATION AGING LABOR MARKET Rofman, Rafael Apella, Ignacio When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America
relation	International Development in Focus;
description	Latin American countries are in the midst of a demographic transition and, as a consequence, a population-aging process. Over the next few decades, the number of children will decline relative to the number of older adults. Population aging is the result of a slow but sustained reduction in mortality rates, given increases in life expectancy and fertility. These trends reflect welcome long-term improvements in welfare and in economic and social development. But this process also entails policy challenges: many public institutions—including education, health, and pension systems and labor market regulations—are designed for a different demographic context and will need to be adapted. When We’re Sixty-Four discusses public policies aimed at overcoming the two main challenges facing Latin American countries concerning the changing demographics. On one hand, older populations demand more fiscal resources for social services, such as health, long-term care, and pensions. On the other, population aging produces shifts in the proportion of the population that is working age, which may affect long-term economic growth. Aging societies risk losing dynamism, being exposed to higher dependency rates, and experiencing lower savings rates. Nonetheless, in the interim, Latin American countries have a demographic opportunity: a temporary decline in dependency rates creates a period in which the share of the working-age population, with its associated saving capacity, is at its highest levels. This constitutes a great opportunity in the short term because the higher savings may result in increases in capital endowment per worker and productivity. For that to happen, it is necessary to generate institutional, financial, and fiscal conditions that promote larger savings and investment, accelerating per capita economic growth in a sustainable way.
format	Book
author	Rofman, Rafael Apella, Ignacio
author_facet	Rofman, Rafael Apella, Ignacio
author_sort	Rofman, Rafael
title	When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America
title_short	When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America
title_full	When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America
title_fullStr	When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America
title_full_unstemmed	When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America
title_sort	when we're sixty-four : opportunities and challenges for public policies in a population-aging context in latin america
publisher	Washington, DC: World Bank
publishDate	2020
url	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/317921601879563351/when-we-39-re-sixty-four-opportunities-and-challenges-for-public-policies-in-a-population-aging-context-in-latin-america http://hdl.handle.net/10986/34562
_version_	1764481167869870080

When We're Sixty-Four : Opportunities and Challenges for Public Policies in a Population-Aging Context in Latin America

Similar Items