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Challenges and Opportunities of Aging in Chile – World Bank – May 2019

17 July, 2019

According to this publication, progress in the Chilean development process in recent decades is reflected in several dimensions, including drops in mortality and fertility rates – which reflect the growing capacity of Chileans to decide on the size of their families. These changes affect the age structure of the population: Chile is going through a population aging process, which will continue in coming years.

These demographic trends are good news: Chilean population aging is a powerful indicator of development, but it cannot be denied that a change of this magnitude poses important challenges in several dimensions: in the long term – with a horizon to 2100 – the proportion of active population will drop (with senior citizens representing 33%), giving rise to several impacts on the labor market and public accounts.

The book explores these potential effects of demographic change on social security, the demands on health and education services, the functioning of the labor market and macroeconomic dynamics, considering the institutional and legal changes that will be necessary to respond to this new reality. Some of the initiatives proposed in the report are: (i) Promote flexible forms of work and modernize labor regulations; (ii) Increase women’s labor participation; and (iii) Promote immigration as an engine of the demographic bonus so that society can achieve sustained economic growth over time.

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