Greece is facing a demographic crisis as its population continues to age rapidly. Ratings agency Moody’s predicts a “crash” in demographics by 2035, with the elderly dependency ratio set to increase to 40% from 32% in 2023. This shift has significant implications for fiscal costs, healthcare needs, and tax revenues as the workforce decreases while the retiree population grows.
Although seniors contribute socially and emotionally, they also pose financial challenges. During Greece’s debt crisis, pensions became a vital lifeline for many families, supporting younger generations who struggled to find work and better living conditions amidst a brain drain.
Addressing the aging population requires a shift in perspective. Rather than viewing old age as a burden, it should be embraced as an opportunity for inclusion and utilization in tackling demographic decline. While the focus on supporting and increasing births is crucial, the elderly should not be marginalized in the process.
As Greece navigates the complexities of an aging population, it is essential to recognize the value that seniors bring to society and incorporate their needs into future planning efforts.
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