Europeans could find themselves having to retire later and work longer hours if the eurozone is to stave off a sharp decline in long-term economic growth caused by its ageing population.
That's the unpalatable message of a new report published by the European Central Bank which delivers a sharp rebuttal to the idea that economic immigration can counteract demographic pressure.
With the population of the 12-country eurozone projected to decline after 2020, by 2050 one in every three will be older than 64.
Meanwhile, the report says, economic growth could fall to around only one percent of GDP per year between 2020 and 2050 – less than half the average during the past 25 years.
But economic migration is not the answer to these problems, it argues.
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