The world economy faces a looming “care crisis” risking further division between men and women across the planet, according to a UN report calling for governments and companies worldwide to spend at least an extra $7tn on care by 2030.
Making the case for spending on support for children, old people and the neediest in society to double by the end of the next decade, the UN’s International Labour Organisation (ILO) warned demographic changes alone mean the current path for care funding falls far short of requirements.
Failure would lead to gaps in coverage, while women – already responsible for more than three-quarters of the time spent on unpaid care work, looking after children or elderly relatives – would bear the brunt and find it harder to progress in their careers.
Rising birth rates and increased life expectancy mean there will be about 200 million extra people on the planet needing care by 2030, with as many as 2.3 billion forecast to need some form of support from governments, the private sector or friends and family, the ILO said. The bulk of the increase will come from African nations, although there are also rising needs in many major economies, including the UK.
Having ran macroeconomic forecasts for 45 countries’ spending needs, the ILO said the shifting demographic picture meant investment in care would need to rise from about 8.7% of GDP at present to 14.9% of projected world economic output by the end of the next decade. In cash terms, that would mean an increase of about $4tn to lift spending levels on care to about $14.9tn by 2030.
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