Gesamtwirtschaftliche Folgen des Demographischen Wandels

The current demographic change confronts Germany with social and economic challenges. Adjustments and reforms are therefore required. Particulary urgent are reforms of the pay-as-go financed pension, long-term care and health care systems.But the economic impact also has opportunities. This essay describes the range of possible consequences for the labour force and the labour market and illustrates how important this is for Germany's economic growth and the living standards. It further touches on the issue of growing productivity in an aging society and emphasizes that there is no scientifically convincing reason for pessimism. The essay concludes with the national and international aspects of the financial markets and links the challenges and opportunities of demographic change with the issue of globalisation.