Latin American states must carry out economic reforms to deal with the impact of rapidly ageing populations, research published by the Bank of Spain argues.

In The end of the demographic dividend in Latin America: challenges for economic and social policies, Juan Carlos Berganza et al say that in previous decades the continent enjoyed a “demographic dividend” – a low ratio of retirees and minors, relative to the working population.

But this is changing fast, they say. According to the latest