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Fiscal challenges and inclusive growth in ageing societies

Author

Listed:
  • Dorothée Rouzet
  • Aida Caldera Sánchez
  • Theodore Renault
  • Oliver Roehn

Abstract

This paper was prepared in support of Japan’s G20 Presidency. It takes stock of ongoing and projected population ageing across G20 economies and its far-reaching implications for economic growth, productivity, inequality within and between generations and the sustainability of public finances. Rising old-age dependency ratios will put the financing of adequate pensions, health and long-term care under high pressure. The paper provides recommendations on policy responses to address ageing-related challenges and highlights good practices. A comprehensive approach is needed, tailored to each country’s institutional and policy settings and social preferences, and may span many areas of public policy: improving the design of public pensions, incentivising private savings, enhancing the efficiency of health care provision, expanding the coverage of social security systems, promoting employability and skills of older workers, and striving for a better labour market inclusion of women, youth and migrants.

Suggested Citation

  • Dorothée Rouzet & Aida Caldera Sánchez & Theodore Renault & Oliver Roehn, 2019. "Fiscal challenges and inclusive growth in ageing societies," OECD Economic Policy Papers 27, OECD Publishing.
  • Handle: RePEc:oec:ecoaab:27-en
    DOI: 10.1787/c553d8d2-en
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    Citations

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    Cited by:

    1. Takahiro Yoshida & Rim Er-rbib & Morito Tsutsumi, 2019. "Which Country Epitomizes the World? A Study from the Perspective of Demographic Composition," Sustainability, MDPI, Open Access Journal, vol. 11(22), pages 1-16, November.
    2. Corlet Walker, Christine & Druckman, Angela & Jackson, Tim, 2021. "Welfare systems without economic growth: A review of the challenges and next steps for the field," Ecological Economics, Elsevier, vol. 186(C).

    More about this item

    Keywords

    ageing; employment; fiscal sustainability; health; inequality; long-term care; pensions; skills;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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