According to the latest assessment of the IMF in its World Economic Outlook (September 2006), the global economy (using exchange rates based on purchasing power parities) is expected to record an accelerated growth of 5.1 per cent in 2006, higher than that of 4.9 per cent in 2005.
I begin with the underlying logic for a rising retirement age. Historically most workers contributing to Social Security have been males. Males in my grandparents' generation who were lucky enough to attain age 65 could be expected to live, and collect benefits, for another thirteen years. Males in my grandchildren's generation lucky enough to attain age 65 are projected to live another twenty years.