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This report synthesizes the key findings of an evidence brief prepared by the Development Policy Research Unit (DPRU) at the University of Cape Town’s School of Economics in 2020. It was commissioned by the UNFPA, with the support and collaboration of the Government of Botswana, to explore the process of population ageing expected to occur in Botswana, drawing from national population projections and earlier work on Botswana’s demographic dividend. Using updated estimates of the economic life cycle in Botswana, it presents the first estimates of the potential second demographic dividend for Botswana and examines five key issues related to population ageing and their implications for policymakers: labour market attachment among older cohorts; financial provision for old age; household welfare; the challenge of healthy ageing; and concerns around fiscal sustainability.