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| Some old men sitting on the benches of a flower garden in Athens |
There are a lot of older people in Greece, and this could have a negative effect on the country's economic competitiveness.
The study found that Greece is expected to spend less on its aging population in the future, which could have negative effects on its economy and public debt. However, this wouldn't be enough to offset the negative effects on GDP and public debt. This could make Greece less competitive in the future.
The population of Greece is expected to decline by 2060, from 10.43 million people in 2021 to 9 million people. The elderly dependency ratio is estimated to rise to 67.3%, meaning that just 1.48 working-age adults would account for each retired person aged 65 and over in Greece, local media report.
The elderly will account for a lot of spending, especially on pensions and healthcare. Spending on long-term care will be around 32%.