2012 Ageing Report published today – an ageing EU population and its consequences on the economy and public finances
The 2012 Ageing Report, published today, analyses demographic trends in the EU and the euro area and looks into their consequences on the economy and on public finances.
The EU population will be slightly higher in 2060 (517 million in 2060, up from 502 million in 2010). At the same time, it will be much older, with 30% of EU citizens aged 65 or over. Today, there are four people of working age to each person aged over 65; while around 50 years from now, there are projected to be just two. Furthermore, on the basis of current policies, age-related public expenditure (pensions, healthcare and long-term care) is projected to rise by 4.1 percentage points between 2010 and 2060 to around 29% of GDP. Public pension expenditure alone is projected to rise by 1.5 percentage points to nearly 13% of GDP by 2060. However, the report shows a lot of variation across EU Member States, largely depending on the progress each country has made on pension reforms. The report confirms that coping with the challenges posed by an ageing population will require determined policy action, along with a comprehensive approach towards implementing the Europe 2020 strategy for smart, sustainable and inclusive growth. Ministers at today's EU Council for Economic and Financial Affairs adopted conclusions on the report.
The report is available here.
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