BUSINESS

Greece to become oldest country in Europe by 2030

Greece will replace Italy as the second oldest country in the world and oldest in Europe by 2030, market research provider Euromonitor International reports, adding that immigrants will be crucial for population gains in both countries.

In a report published this week, Euromonitor argues that “the share of people aged 65 and older in relation to the working-age population in Greece will overtake Italy to become the second highest in the world (behind Japan), putting increasing pressure on the country’s shrinking workforce. As a result of large government cuts in social spending (including pension payments), Greeks aged 65 and over have been particularly hard hit.”

Lan Ha, senior population consultant at Euromonitor, commented, “Population aging presents significant economic challenges, especially as it is often accompanied by low birth and fertility rates, causing the population to decline.”

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