During the last few decades, Brazil has witnessed impressive demographic changes. From a young quasi-stable age structure in 1970, the age distribution has gradually shifted to an older distribution. The transformation in the age structure of the population can have important impacts on the economic growth. Mason and Lee (Forthcoming) show how the rise in the share of working age population and individual response to demographic changes lead to two demographic dividends. This paper estimates demographic dividends in Brazil. We show that demographic changes have positive impacts on the economic growth, but lack of investments in human capital and poor institutions led to a smaller growth than what the demographic dividends would predict