Experts say that the gross domestic product (GDP) of an european country could, in the long run, increase by around 3 to 6% or more, if the employment rate of the population over 55 years old matches Sweden's levels. In Sweden, 75.5% of people between 55 and 64 are employed (and the same is true for 21.9% of those over 65), mainly in European countries with an older population.
What about Portugal?
Over 40% of working age population is 55 and more. There are 3.6 million people and over one million work, constituting 21.6% of the employed population, revealed by the Ministry of Labor's Office of Strategy and Planning. This was possible, for example, through vocational training measures within the NSRF - European Union National Strategic Reference Framework(QREN, in Portugal) and its extensions. There was a convergence of interests between the government, the EU and companies, and this resulted in a benefit for the country and for the people.
It is a fact that has a direct implication in the economy, added to the expenses with health and social benefits. This is a conclusion of the Golden Age Index, elaborated by the consultant PwC that considered parameters such as employment, wages and training.
Even so, it did not prevent Portugal from losing around 374,000 workers between 2011 and 2017. Portugal has lost a lot of its best human capital and brains in recent years and these people, for the most part, don't want to go back.
The Portuguese who emigrate today, a good part of them, are highly educated and experienced people, many of whom speak at least 2 foreign languages. They will look for new experiences, fit into new business scenarios, gain greater recognition of their quality of work and consequently earn a fairer wage based on their skills.
In countries where new life expectancy has increased, there is a more experienced and still very active population that should not be ignored.
However, in Index Mundi: “The age structure of a population affects a nation's key socioeconomic issues. Countries with young populations (high percentage under age 15) need to invest more in schools, while countries with older populations (high percentage ages 65 and over) need to invest more in the health sector. The age structure can also be used to help predict potential political issues. For example, the rapid growth of a young adult population unable to find employment can lead to unrest.”