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Concept
Ageing of Europe
Summary
The ageing of Europe, also known as the greying of Europe, is a demographic phenomenon in Europe characterised by a decrease in fertility, a decrease in mortality rate, and a higher life expectancy among European populations. Low birth rates and higher life expectancy contribute to the transformation of Europe's population pyramid shape. The most significant change is the transition towards a much older population structure, resulting in a decrease in the proportion of the working age while the number of the retired population increases. The total number of the older population is projected to increase greatly within the coming decades, with rising proportions of the post-war baby-boom generations reaching retirement. This will cause a high burden on the working age population as they provide for the increasing number of the older population.
Throughout history many states have worked to keep high birth rates in order to have moderate taxes, more economic activity and more troops for their military.
Population ageing is observed in most European countries today.
Historical population of the world
Giuseppe Carone and Declan Costello of the International Monetary Fund projected in September 2006 that the ratio of retirees to workers in Europe will double to 0.54 by 2050 (from four workers per retiree to two workers per retiree). William H. Frey, an analyst for the Brookings Institution think tank, predicts the median age in Europe will increase from 37.7 years old in 2003 to 52.3 years old by 2050 while the median age of Americans will rise to only 45.4 years old.
Máire Geoghegan-Quinn, the former European Commissioner for Research, Innovation and Science, stated in 2014 that by 2020 a quarter of the population of Europe will be 60 years or older. This shift in demographics will drastically change the economic, labor market, health care, and social security of Europe.
The Organisation for Economic Co-operation and Development estimates 39% of Europeans between the ages of 55 to 65 work.
Official source
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