BARCELONA, Spain, (CMC) – The Inter-American Development Bank (IDB), says it is working on a joint development agenda to address challenges and opportunities arising from the rapid aging of societies, particularly in Latin America and the Caribbean (LAC).

The silver economy is a system of products, services and economic activities that are designed to meet the needs of older people. It is based on the idea that older people have the potential to drive economic growth and job creation.

The IDB said the initiative, which is being undertaken in collaboration with “la Caixa” Foundation and key international partners, 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 per cent by 2050. This growth will bring the size of this demographic to 195 million people, one in four individuals in the region.

The commitment by the IDB and its partners came during the first Europe-Latin America and Caribbean Silver Economy Forum here, which brought together over 200 global leaders, aging experts and representatives from key sectors.

Worldwide, the silver economy generates about US$22 trillion annually, while in countries like Argentina and Colombia, it accounts for 40 per cent of GDP.

The Washington-based financial institution said this demographic shift is already driving significant economic and financial challenges and opportunities, as this population group also represents 40 per cent 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.

The partners gave a commitment 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 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,” said Coronas.

“la Caixa” Foundation says its mission is to build a better and fairer society, giving more opportunities to those most in need, with the values of trust, excellence and social commitment that have always accompanied us since the beginning.