Aging population to take toll on Greece's competitiveness: Report

ANKARA

Greece's aging population could have an adverse effect on the country's economic competitiveness, local media have reported.

While Greece is the only country in a recent study of 81 nations that was expected to spend less by 2060 on its aging population in a recent study by S&P Global, this may not be enough to offset the negative effects on gross domestic product and public debt, landing a blow to its competitiveness, said a report by the daily Kathimerini.

Greece's population is expected to fall to 9 million by 2060 from 10.43 million in 2021, it pointed out, adding that the elderly dependency ratio was 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 the country.

Consequently, despite the reduced spending on pensions, the elderly will account for a very large percentage of total spending -- 61.5% -- with spending on healthcare to be at around 32% and the rest on long-term care, it added.

This would suggest a "poor quality of life for the elderly and an even weaker welfare state than today's," it said.