# Transcript

[MUSIC PLAYING]

TEXT ON SCREEN:

Rheinhart and Kirkegaard: Retiring Government Debt

Doug Irwin: Trade and Exchange Policy

Nobelist George Akerlof Profiled

Jobs for Middle East Youth

F&D Finance and Development

Global ageing

Throughout the world and throughout history the young have always outnumbered the elderly.

Over the next 40 years this will change. The population over 60 will grow by 1 billion to a total of 2 billion. For the first time in human history, there will be more people over 60 than under 15. 1 in every 5 people will be elderly.

In 1950 there were 12 working people for every elderly person.

Today: 9.

2050: 4.

More money out, less money in.

Economic impact:

Growth, Savings, Debt, Investment, Consumption, Labor markets, Pensions, Taxation

Social impact:

Family composition, Living arrangements, Housing demand, Migration trends, Health care

Political impact:

Voting patterns, Political representation

The elderly bring:

Inspiration – values, Work ethic – culture, Leadership – tradition, Wisdom – legacy

But with age comes:

Health concerns, Vulnerability, Uncertainty

But with less money how can countries afford looking after the elderly and how will we afford to look after our own health, our education … afford to spend on technology, arts, science? Afford to spend on our children and their futures?

We could consider these steps:

Integrating aging into all aspects of development, Involving the elderly more in major policy decisions, Fundamental reforms in existing pension systems, Making health care affordable to all

And we can do this not just because we care for them, because we also care for those to come.

Read more about aging in the June 2011 issue of Finance and Development, a publication of the International Monetary Fund. www.imf.org/fandd

Produced by Babar Ahmed for The International Monetary Fund

Original music composed by Kenneth Lampl

Animation and graphic design: Junko Nagano

Thanks to Luke Ditommaso and Charles Esser