A “hidden pool” of potential workers appears for Greece as a result of working-age human resource data. To the extent that integration into the economy becomes possible, it will act as a shield against demographic aging, keeping the pretext for future growth.

At least it follows from placement of specialists in “K”which represent an invisible aspect of the population growth relationship.

Black projections

Greece’s population is shrinking and aging. According to experts, in 2050 there will be 1.5 million fewer people of working age than today. OUR demographic deterioration is a European phenomenon, however, in most demographic indicators, Greece lags behind the European Union benchmark. About 1 in 4 women say they will not have children, and each year there will be almost 50,000 more deaths than births. In 2050, there will be almost 800,000 more people in the over-65 age group.

However, the age map itself does not affect the outlook for the economy. The dynamics of development is determined by the number of people of working age who finally start working. And this is where the data potentially point to Greece’s comparative advantage.

The potential of inactive working age in the country is 20% higher than in Europe.

In particular, according to the “pyramid” of employment in Greece, quotes the World Bank in “K”there are currently 2.7 million people of working age who are currently inactive, although they could join the labor force.

In particular, according to the Department of Demography of the University of Thessaly, in Greece, the unused human potential of working age is 20% more than in other EU countries.

In practice, this means that Greece is potentially more immune to the onslaught of demographic aging than the rest of Europe. If at the same time it is possible to “slow down” the brain drain, as well as import part of the workforce from abroad, the Department of Insurance Sciences of the University of Piraeus speaks of a European pool, which is being considered and will distribute the workforce in accordance with needs. each country – then the demographic decline will be manageable from a purely financial point of view.

In addition, there are other factors that determine the effectiveness of development, such as productivity, an area in which, according to measurements, the Greek economy still shows huge room for improvement.

The “Key” of Elders and Women

“In the case of Greece, there is an interesting figure: 2.7 million people, which is actually adjusted to 0.4 million for the unemployed. In other words, for every unemployed person registered in Greece today, there are about six people who are underemployed and may be part of the labor force. In particular, if we want to think about how we can include more people in the category of the warring population of Greece, we will distinguish two categories: first, the elderly, who are many and some of them want to work. Secondly, and most importantly, people of working age are not interested in employment. In this category, we have, for example, many women in rural areas who hide great potential for the economic development of your country.”

Only 66% of people aged 20 to 64 are employed.

“In our country, for every 100 people aged 20 to 64, there are only 66% of workers. In European countries, such as Scandinavia, this percentage reaches 82%. Thus, the Greek economy is in an advantageous position to compensate for the losses from demographic evolution. Because wealth is created by those who end up working. If, at the same time, we have a positive balance of immigration – with a slowdown in the outflow of labor from the country, and with a moderate import of human resources from abroad, about 15,000 per year – then in 2050 we will be able to have the same number of people employed in the country, despite that the human resource of working age will decrease to 1.5 million”.

Miltiadis Nektarios, Professor of Insurance Sciences at the University of Piraeus

European pool of migrants

“Until 2050, as he calculated International Monetary FundGreece’s growth cannot sustainably move above 1.5% of GDP – of course, there are benefits from Recovery Fund.

The key factor that will act as a brake is the aging of the population, which will almost negate the contribution of labor force growth to economic growth. So there is room for productivity growth on the one hand, and immigration on the other – this is a necessary process, let’s not blind ourselves. In particular, the European Union should create a pool of immigrants, which it will distribute according to their skills and the population of each country. In addition, the Greek regions must determine their labor needs and act accordingly.”