S& P: Age related spending to rise to 14.4% of GDP

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A new report from Standard & Poor’s (S & P) Ratings Services shows ageing populations impacting on economies around the globe and ultimately determining their fiscal health. The report ‘Global Ageing 2010: An Irreversible Truth’ covers 49 countries and more than two-thirds of the world’s population. The Australian analysis estimates age-related spending on health, pensions, and aged care to rise to 14.4% of gross domestic product (GDP) in 2050 from its current 9.6%.