WASHINGTON, USA – The commitment was made in Barcelona, Spain, at the first Europe-Latin America and Caribbean Silver Economy Forum, which brought together over 200 global leaders, aging experts and representatives from key sectors.
The Inter-American Development Bank (IDB), IDB Invest and IDB Lab, along with ”la Caixa” Foundation and key international partners, committed to working together on a joint development agenda to address challenges and opportunities arising from the rapid aging of societies, particularly in Latin America and the Caribbean.
The commitment comes as the population of Latin America and the Caribbean is aging at a faster rate than that of any other region in the world. The percentage of people aged 60 and older is projected to more than double, increasing from 12 to 25 percent by 2050. This growth will bring the size of this demographic to 195 million people — one in four individuals in the region.
Worldwide, the silver economy generates about $22 trillion annually while in countries like Argentina and Colombia, it accounts for 40 percent of GDP.
Related: The Silver Economy: from Inclusive Responsibility to Thriving Business
This demographic shift is already driving significant economic and financial challenges and opportunities, as this population group also represents 40 percent of consumer spending and a rapidly rising share of pension payments and healthcare services.
The Forum centered on the thematic areas of jobs/entrepreneurship, finance and care, fostered the exchange of cutting-edge knowledge, and discussions on innovative solutions to the challenges posed by the silver economy. It also focused on creating business opportunities between Europe and Latin America and the Caribbean.
Co-organizers of the Forum include AARP International, Universidad del Pacífico, Women Entrepreneurs Finance Initiative (We-Fi), Telefónica Foundation, ONCE Social Group, Avina Foundation, the German Sparkassenstiftung for International Cooperation, and Endeavor Uruguay.
The partners committed to working together on a common agenda aimed at supporting projects and initiatives that better meet the needs of this growing demographic group.
“Latin America and the Caribbean is already the fastest-aging region and by the end of the century will have the highest percentage of adults aged over 60 in the world, with more than 36 percent. Now is the time for action and for working together on an agenda and strategic alliances where both the public and private sectors meet the needs of our aging societies, creating jobs, improving their access to financing and services, and providing them with better care,” said IDB president Ilan Goldfajn.
”la Caixa” Foundation General Manager Josep Maria Coronas, said: “The interest in the financial stability of the elderly and the dignity of old age has accompanied ”la Caixa” Foundation since its founding. This commitment to the elderly continues to this day. Our Elderly program organizes numerous activities in which more than half a million older people have participated in the last year, improving their well-being and contributing to active and healthy ageing.”
This pioneering event brought together over 200 global leaders, aging experts and representatives from key sectors, including governments, businesses, NGOs and startups, who focused during three days on the silver economy as a driver of development.
To learn more about the work of the IDB, IDB Invest and IDB Lab in the Silver Economy, visit recent podcasts and publications.
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