Academics Report Grim Outlook for Greece’s Ticking Demographic Time Bomb

With an aging population and the new post-bailout era that is Greece’s reality, two academics have composed a report that paints a grim future for the country’s ticking demographic time bomb.

A study conducted by Professor Savas Robolis of the Panteion University and PhD student Vasilis Betsis, reveals that with life expectancy increasing and the added stress of the aging population costing the country’s social security system an estimated 37.3 billion euros over the next few years, the Greek economy is in for tough times.

While the current goal for growth in annual GDP is set at only 2 percent, the researchers say that the study shows that the government should brace itself to plan for a 4 percent growth in annual GDP, to combat the negative impacts that an aging society will have on the economy of the country.

Further details of the research showed that Greece is not only about to experience a decline in its population, but also an increase in the workforce as people work longer due to the retirement age increasing under the bailout memorandums.

With an older workforce and a decline in population, the fear is that the demographic time bomb will result in an older, less physically, mentally, and technologically capable and productive society.