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Caribbean governments are grappling with the reality of having ageing populations, a predicament caused not only by longer life expectancies, but also by declining birth rates, which for some countries have fallen below replacement rate.
This has implications for the labour force in the future and by extension, the ability of social security schemes to maintain our social safety nets. The result could be a reduction in standards of living and governments’ abilities to provide pensions for citizens.
The July 2022 edition of the Central Bank of Barbados’ Caribbean Economic Forum, “Solving the Ageing Population Crisis in the Caribbean,” explores this issue and attempts to find workable solutions from panellists Professor Emeritus Karl Theodore, Senior Consultant Advisor, HEU, Centre for Health Economics at the University of the West Indies, St. Augustine; Derek Osborne, Actuary and Partner at LifeWorks, Bahamas; and Director of the Economic Commission for Latin America and the Caribbean (ECLAC) Sub-Regional Headquarters for the Caribbean.
Watch the discussion below: