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Lecture 8

Lecture 8 Readings - Health and Aging

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Health Sciences
Health Sciences 2000A/B
Leichelle Little

LECTURE 8 READINGS: HEALTH AND AGING Economic and Fiscal Implications of Canada’s Aging Population • The Demographic Challenge o As a result of significant improvements in life expectancy and significant drop in fertility rate, Canadian population has gradually become older over the past decades o However, with oldest members of the baby boom generation now reaching retirement age, the aging of the Canadian population is soon set to accelerate o Ratio of the elderly to the working-age population is expected to nearly double over next 20 years o While population aging is a worldwide phenomenon, Canada is expected to age more rapidly than most other countries o As a result, while Canada currently has a lower ratio of elderly to working-age population than most other countries in the Organisation for Economic Co-operation and Development (OECD), accelerated population aging is expected to push the ratio in Canada above the OECD average by 2030 o A higher fertility rate and higher levels of immigration could help slow population aging but would not prevent it • Economic Implications o Aging of Canada’s population will soon slow labor force growth o Over next 20 years, number of working-age Canadians for every senior will fall from about 5 today to 2.7 by 2030 o Unless productivity growth and labor market participation improve, population aging is expected to lead to significantly slower inc
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