BUSINESS

IMF report: Economic crisis hit fertility rates in Greece

TAGS: Economy

Fertility rates in Greece, that is, the average number of children Greek women have, dipped from 1.5 to about 1.3 during its eight-year economic crisis (2008-2016), the International Monetary Fund (IMF) said in its World Economic Outlook, issued on Wednesday.

The economic crisis has left its mark on the global economy, as growth rates and debt remain high 10 years after the financial crisis of 2008, while fertility rates have worsened in many countries, the Fund notes.

“These persistently low fertility rates over the past decade may weigh on future labor input and thus weaken potential growth in the long run,” according to its report.

Evidence from OECD and partner countries shows that average changes in the fertility rate for the post-crisis period relative to the pre-crisis period (2005–08) have been negatively impacted by the crisis through several channels, of which employment losses were
the most significant.

The IMF warned that the global economy is again facing the risk of a major financial crisis because governments and regulators have not implemented the necessary reforms.

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