This paper looks at the potential for a silver dividend for economic growth in aging societies as people live and work longer. It examines data from both high- and lower-income economies.
The authors investigate the channels through which population aging affects economic growth using panel data from 166 economies. They find that lower total factor productivity growth is the main mechanism through which population aging harms economic growth. Labor shortages caused by aging are mostly offset by higher labor force participation rates among older people.
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