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Population Decline, Labor Force Changes And Gdp Growth

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  • SALA ADRIAN LUCIAN

    (UNIVERSITY OF CRAIOVA)

Abstract

Romania’s population is undergoing a decline in demographic figures and a shift in the population structure, as older generations tend to retire moving to the top part of the age pyramid. This types of transitions are followed by a decrease in economic growth, as a result of a shrinking workforce, lower productivity levels, a more moderate savings rate, and smaller investments. Looking at the labor market in Romania, it is apparent that it is in decline, with a considerable portion of the population approaching retirement, and a lack of workers to take their place. But this reality has not caught up yet with the Romanian economy that is growing at a constant pace. To better understand this phenomenon, a closer look at the labor force is in order using the employment to population ratio, which helps in explaining how the labor force contributes to constant economic growth. The research method is statistical with the aim of determining the changes over time of the employment to population ratio, in relationship to the total population and GDP growth. The expected results аre thаt economic growth is mаintаined and encouraged by а steady working group of the populаtion thаt in time has become more proficient аnd productive thus leаding to a constаnt increase in GDP.

Suggested Citation

  • Sala Adrian Lucian, 2017. "Population Decline, Labor Force Changes And Gdp Growth," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 200-205, December.
    • Handle: RePEc:cbu:jrnlec:y:2017:v:1special:p:200-205
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    References listed on IDEAS

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    1. Ceyhun Elgin & Semih Tumen, 2010. "Can Sustained Economic Growth and Declining Population Coexist? Barro-Becker Children Meet Lucas," Working Papers 2010/11, Bogazici University, Department of Economics.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
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