SILVER ECONOMY: DEMOGRAPHIC CHANGE AND ECONOMIC OPPORTUNITY

Various sources dealing with demographic trends such (e.g. UN Population Division, WHO, ILO) point out that population across the world is getting older. By the 2050 there will be more than 20% of world population age 65 and over. This negative demographic transition, i.e. population aging has been showing four very distinctive features: unprecedented, pervasiveness, endurance and profound implications on human life in general. Statistics for the European Union are supporting the above mentioned. Namely, the age structure of the European population is expected to change significantly over the next decades and by 2060, the share of people aged 65 and above will increase from 18% to 30% compared to now, while the share of people aged above 80 will more than double. Thus, it is not surprising that the European Union has launched a notion of “Silver Economy” related to economic activities of population aged 50 and over and their impact on various sectors of the national economy. Elderly persons have been for a long time considered the fiscal burden, but EU countries have recently started to turn the negative demographic trend of aging into market opportunities for new products, services, jobs and consequently growth. The purpose of this paper is to discuss the issue of silver economy with particular focus on investigating the potential economic value of active aging and elderly people in general. Supporting the silver economy in theory and practice means considering elderly population as an opportunity not a threat to local, regional and national economic development.