Poland’s aging population is considered to be a bigger threat to country’s economy growth than the second wave of the financial crisis, according to a recent report by the National Bank of Poland (NBP). In eight years, Poland’s economy could shrink as much as 1 percent, NBP claims, resulting from a falling supply of labor. Analysts see the government’s proposal to raise the retirement age to 67 as a partial solution, but only assuming the health of older employees improves. The bank argues that the labor deficit should be balanced out by increasing the number of economically active Poles to more than 70 percent, adding that the action on the matter need to be taken immediately.
