Spain’s Economy Will Be Stressed By An Ageing Population

Bank of Spain

Bank of Spain. Image: Wikimedia.

Spain’s Economy Will Be Stressed By An Ageing Population

By 2050 there will be two retirees for every three active workers making aging one of the most serious demographic challenges facing Spain.

Between 2010 and 2060 the dependency ratio, the number of retirees compared to the number of workers, will grow by 34 percent.

This means Spain will experience the greatest increase in the dependency ratio in Europe and by 2050 for every three people of working age, there will be almost two people over 65 years of age, a trend which will have a negative economic and social impact, according to the Bank of Spain.

“We have never experienced an acceleration in the dependency ratio of this type,” said Oscar Arce, the bank’s Director General of Economy and Statistics on May 27.

The trend will have an effect on consumption, investment, employment, productivity, wages and prices, and also on the management of monetary and fiscal policies, he said at the “I Forum on Aging Age & Life: Repercussions of aging in the Spanish economy”.

“Aging will have a relevant and direct effect on economic indicators. demographic changes have important consequences,” he added.

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Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.