Population aging is one of the main demographic phenomena in the world, as well as in Latin America and the Caribbean. In the region, it is estimated that in 2024 the number of people aged 60 and over reach 94.9 million, constituting 14.2% of the total population. It is the fastest growing age group, accounting for 25% of the total population by 2050. The accelerated process of population aging in Latin America and the Caribbean presents several challenges and opportunities and requires adequate public policy responses to face a future characterized by greater longevity and a higher proportion of older persons in society.
This demographic shift is reshaping our economies and societies. It presents challenges for public policies on topics such as 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. In addition, multiple forms of discrimination against older persons hinder the full enjoyment of their human rights, especially when considering the intersection of age with characteristics such as gender, socio-economic status and disability status, among others.
However, the aging population is also driving demand for products and services, presenting a substantial opportunity for both global and local markets. The "silver economy", defined as that part of the economy focused on the needs and demands of the older people, entails opportunities in fields such as telemedicine, information and communication technologies, tourism, smart home systems, healthcare and home care, among others. This approach challenges stereotypes about older persons, promotes healthy and active ageing, 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, particularly in health and care sectors.
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 associated with population aging for current and future generations. The study promotes knowledge about the opportunities offered by the silver economy, particularly in the field of care (especially long-term care), for both present and future generations. This initiative aims to support the design of public policies and the strengthening of national capabilities. Within the framework of the program, a study analyzes future scenarios of consumption growth of older persons, both public and private, in six countries representing different stages of the demographic transition (Argentina, Brazil, Chile, Costa Rica, Paraguay and Peru), based on the National Transfer Accounts (NTA) and previous research in this area. The NTA represent a valuable analytical tool that provides data on aggregate economic flows across age and time groups, providing key information for assessing economic and social policies, as well as how population ageing may affect people's lives in the future.
