BY 2053, SPAIN WILL NEED ALMOST 25 MILLION MORE IMMIGRANTS TO WORK AND COPE WITH THE AGING PROCESS
Taken from Europa Press
The Bank of Spain has calculated that the country will need 24.673 million more immigrants of working age in 2053 to avoid the population aging process in which the country is immersed and solve the mismatches that could arise in the Spanish labor market in the future.
As warned in the ‘Annual Report 2023, published this Tuesday, April 30, 2024 by the Bank of Spain, one of the greatest challenges that the main world economies will have to face in the coming years is the aging of the population.
The extraordinary scale of this challenge is determined not only by the magnitude of the demographic changes underway, but also by the numerous implications that these changes have, for example, for the growth capacity of the economy, for the dynamics of the labor market and for the evolution of public income and expenditure.
In this context, migratory flows have been very dynamic in recent years, but it does not seem likely that they will be able to prevent the process of population aging in which Spain is immersed, nor will they be able to completely solve the problems of the current economic crisis.
Spain, nor completely resolve the imbalances that could arise in the Spanish labor market in the future.
“The capacity of migratory flows to appreciably mitigate the process of population aging is limited,” warned the Bank of Spain in its report.
For the dependency rate in 2053 to remain at the current 26.6%, given that the number of people over 66 years of age projected by the INE is 14,847,105, a group between 16 and 66 years of age of 55,897,931 people would be needed.
According to the INE assumptions, in 2053, there would be 12,355,237 foreign-born between 16 and 65 years of age and 18,870,103 born in Spain, so that if the latter number is maintained, there would need to be 37,027,828 immigrants between 16 and 65 years of age in 2053.
In other words, 24.673 million more immigrants of working age would be needed in 2053. This is not an estimate of the number of immigrants that should arrive in Spain (flow), but of how much the stock should have increased by that date.
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This text was published in the news agency Europa Press, with whose authorization we reproduce it.
