Median Age of Bulgaria's Population Climbs to 42.7

In 2011, Bulgaria's population kept aging and the median age increased to 42.7 years, according to a report on the implementation of the National Demographic Development Strategy for 2011.

The report is to be adopted during the Wednesday sitting of Bulgaria's government.

The median age of the population has been on the rise since 1995, when it was 38.9 years.

In 2001, the median age of Bulgaria's population reached 40.4 years, and in 2010 it was 41.9 years.

By 2050, the share of elderly people in Bulgaria will reach 30%, according to data of the National Statistical Institute (NSI).

The trend will bring problems for both public finances and the business sector, taking into account that the elderly will rely on pensions, while businesses will need workers, private TV station Nova TV cautions.

The report which is to be reviewed Wednesday informs that Bulgaria will have a population of 7 million in 2030.

Female life expectancy will increase from 77.4 to 81 years and male life expectancy will grow from 70.1 to 76 years.

The population growth rate will deteriorate from the current -27.1% to -38%.

In less than 40 years, over 1/3 of Bulgarians will be pensioners.

A World Bank report presented on March 15 in Sofia also identifies the demographic problem as a major point of concern for Bulgaria.

The report titled Golden Growth: Restoring the Lusture of the European Economic Model was presented by one of the authors, Indermit Gill, Chief Economist of the Europe and Central Asia Region of the World Bank.

The presentation was attended by over 100 representatives of the Bulgarian government, Parliament, private sector, academia, and diplomatic community, according to reports of the Bulgarian Telegraph Agency (BTA).

The report documents the achievements of the European growth model over the last 50 years, evaluating the six principal components of the model: Trade, Finance, Enterprise, Innovation, Labor, and Government.