Rapidly shrinking and ageing populations in central and southeastern Europe coul...
ZAGREB - Rapidly shrinking and ageing populations in central and southeastern Europe could significantly hamper economic growth and convergence with more developed European economies, the International Monetary Fund said on Monday.
IMF deputy managing director Tao Zhang told a conference in Dubrovnik that the overall population of the region would decline 12 percent by 2050 due to ageing and migration, while the labor force was likely to fall 25 percent. “Shrinking labor supply and lower productivity of older workers, together with greater pressure on public finances, could cost countries about 1% of gross domestic product per year”, Zhang said.
“Without the current demographic pressures the region could have reached 74% of income levels in western Europe in the same period,” Zhang said.
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