Since 1950, life expectancy has increased by 27 years while fertility rates plummeted from almost 6 to 1.8 per woman, which means that the region will age rapidly in the coming decades. North America, Europe, and parts of Asia have experienced similar trends since the 2010s. But in Latin America, the decline has accelerated beyond all forecasts, forcing policymakers to assess the impact on everything from taxes and pensions to future economic growth. Surprisingly, Chile now has a lower birth rate than Japan. Recent censuses revealed significantly smaller populations than authorities expected in Brazil (203 million, not 213 million) and Chile (18.5 million, not 20 million). Paraguay's 2022 census yielded a figure of only 6.1 million, not 7.5 million: a fifth less than previously estimated. "Basically, we will have to plan for a new Paraguay," said the bewildered economy minister to journalists.