Keynoter George Magnus at the IFC-Johns Hopkins Health Conference: “aging is one of the primary challenges facing emerging markets.
Renowned economist and UBS Independent Adviser George Magnus was the keynote speaker at the IFC-Johns Hopkins Private Health Care Conference which opened March 19 in Istanbul.
In his remarks, Magnus said that “all emerging markets face an unprecedented speed of aging at low income per capita levels.”
It took France more than 100 years to double their over 60s population. For the U.K. and the U.S., it was more like 40-60 years.
However, across the emerging markets that period is now as little as 20 years before those countries face a doubling of their senior citizen population.
These people would need expensive specialized health services and long term care which is likely to place huge burdens on the health care systems of those countries with “people getting old before they get rich!”
Speaking of India, Magnus said that despite its early promise, the country faced growth drags and policy failures that had yet to be overcome.
Contact: Ludi Joseph, IFC