The European Silver Economy

Abstract

The European Union is going through a period of profound transformation due to socio-economic and demographic changes. Europe's population is aging as a result of declining fertility and increasing life expectancy, and its share of the world's population continues to decline. The top 10 countries on the planet with the oldest populations include nine EU countries. Older citizens are increasingly shaping the economy, constituting a growing segment in many areas of consumption. The expansion of this age group is expected to lead to an increased demand in many sectors, and in the not-too-distant future will provide significant economic opportunities for European businesses. The so-called “silver economy” (or longevity economy) is a concept of responding to and adapting to the challenges determined by demographic shifts at the global, regional and country levels by inclusively supporting job growth and productivity in traditional and new sectors of the modern digital economy, acceptable to government, business and the entire population, and supposedly capable of becoming the engine of the future economy. Population aging, its density, and household size, in turn, have also had an impact on the spread of the COVID-19 pandemic, whose outbreak tested health and welfare systems as well as economic and social sustainability. This is why demographic processes need to be taken into account in the post-pandemic economic cycle, managing their long-term effects has many different aspects concerning health care, including care for the elderly, as well as government budgets. The integration of digital solutions, robotic technologies in these areas can significantly empower the elderly, promote independent and active lifestyles, and integrate into the labor market. Thus, it can be argued that the potential risks of the modern demographic transition are not inevitable, and the challenge is to find tools, opportunities and means to adapt the economy and society to it.