IDB, partners commit to developing silver economy

– as Latin America, Caribbean seen ageing at faster rate than rest of world

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 ageing of societies, particularly in Latin America and the Caribbean.
In an IDB January 24 news release, the agency noted that the commitment comes as the population of Latin America and the Caribbean is ageing 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 per cent to 25 per cent 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 per cent of the Gross Domestic Product (GDP).
“Latin America and the Caribbean is already the fastest-ageing 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 per cent. 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 ageing 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 noted: “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 programme organises 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.”
The Forum centred 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.
The partners, the release added, are committed to working together on a common agenda, aimed at supporting projects and initiatives that better meet the needs of this growing demographic group.
The silver economy is broadly defined as all economic activities, products and services aimed at older age groups. Businesses include state-of- the- art healthcare technology, wellness products, travel and leisure for older and ageing persons.
Meanwhile, a Pan American Health Organisation (PAHO) Health in the Americas country profile noted that Guyana has a relatively young population but it is ageing, and the pace of this ageing is predicted to increase.
In 1980, the proportion of Guyana’s population aged 65 and older was 3.8 per cent. This proportion increased to an estimated 6.2 per cent by 2021
Just last December, the Ministry of Human Services and Social Security, launched a senior citizen engagement programme dubbed, the Golden Generation Hub, to combat isolation and celebrate the contributions of Guyana’s elderly.
It is also expected to facilitate connecting seniors with resources, opportunities and each other.
According to the Department of Public Information, the hub will feature a variety of activities to enhance their quality of life, including social engagement comprising regular movie nights, workshops, games, and group outings to help seniors connect, share stories, and form friendships.
Active ageing initiatives such as monthly yoga, tai chi, and light aerobics sessions aimed at improving flexibility, balance, and overall health, have also been introduced.
In addition, seniors will benefit from weekly sessions of mental stimulation through puzzles, memory exercises, book clubs, and brain games to promote cognitive health.
Technology literacy introductory classes on smartphones, computers, and internet use, were set to begin in January, to help seniors navigate the digital age.
Furthermore, consistent budgetary increases in old age pensions, have added to improving Guyana’s silver economy.