IDB and Partners Commit to Harnessing Silver Economy for Development in LAC

This demographic transformation poses significant challenges for economic stability, healthcare, and pensions while presenting opportunities through the "silver economy."

The Inter-American Development Bank (IDB), alongside IDB Invest, IDB Lab, ”la Caixa” Foundation, and other international partners, has unveiled a joint development agenda to address the challenges and opportunities of rapid population aging in Latin America and the Caribbean (LAC).

Latin America and the Caribbean is experiencing the fastest population aging worldwide. By 2050, the proportion of individuals aged 60 and older is expected to rise from 12% to 25%, representing 195 million people. By the end of the century, more than 36% of the region’s population will be aged over 60, the highest percentage globally.

This demographic transformation poses significant challenges for economic stability, healthcare, and pensions while presenting opportunities through the "silver economy." Globally, this economy generates $22 trillion annually and accounts for 40% of GDP in countries like Argentina and Colombia.

Strategic Focus of the Forum

A landmark three-day forum brought together over 200 global leaders, aging experts, and representatives from key sectors, including government, NGOs, businesses, and startups. Discussions centered on the silver economy as a driver of growth, focusing on jobs and entrepreneurship, finance, and care for the aging population.

The forum emphasized collaboration between Europe, Latin America, and the Caribbean, fostering business opportunities and sharing innovative solutions to aging-related challenges.

Key Commitments and Collaborative Efforts

IDB President Ilan Goldfajn highlighted the urgency of addressing the needs of aging societies. “By the end of the century, LAC will lead the world in the percentage of adults over 60. Now is the time for action. Strategic public-private partnerships are essential to create jobs, improve access to financing and services, and provide better care for this demographic,” said Goldfajn.

”la Caixa” Foundation, a co-organizer of the event, reaffirmed its longstanding commitment to improving the quality of life for older individuals. General Manager Josep Maria Coronas stated: “Our Elderly program has supported over half a million older adults in the past year, focusing on active and healthy aging.”

Expanded Initiatives for Aging Populations

The joint agenda includes:

• Entrepreneurship and Employment: Promoting jobs and business opportunities for older adults.
• Financial Inclusion: Ensuring greater access to financing and services tailored to aging populations.
• Healthcare and Care Services: Developing comprehensive care systems for older adults, including mental health support and long-term care options.
• Technological Innovation: Encouraging startups and technology-driven solutions to address aging-related needs.

Pioneering Global Collaboration

Co-organizers of the forum included leading institutions such as AARP International, Universidad del Pacífico, Telefónica Foundation, and Endeavor Uruguay. These partners aim to implement projects that address the unique challenges faced by aging populations and leverage the economic potential of the silver economy.

A Vision for the Future

The initiative marks a significant step toward transforming aging-related challenges into opportunities for sustainable growth and development. As LAC moves toward becoming the world’s fastest-aging region, the commitment by IDB and its partners to a robust, inclusive silver economy will play a pivotal role in shaping the region’s future.