Population Depletion Threatens the Economies of Eastern Europe

World | April 23, 2018, Monday // 15:10| Views: | Comments: 0
Bulgaria: Population Depletion Threatens the Economies of Eastern Europe Source: Pixabay

Nine of the countries that are at serious risk of losing a large proportion of their population over the coming decades are from Eastern Europe, whose younger generations have moved to the West to find a job. This is stated in a Bloomberg report, based on UN data, cited by FOCUS.

The document notes that the young working-class population leaves the former Eastern Bloc countries and goes to the West in a way that resembles the industrial revolution. For example, Latvia has lost 25% of its population in the last 27 years, and it is expected in 2100 that the decline will reach 41% (compared to 1989). Estonia is expected to have lost 32% of its population for the same period and Lithuania - 41%. The situation in Ukraine and Moldova is even worse. The UN predicts that they will lose 36 and 51 percent of their population by the end of the century.

Among the factors contributing to the depopulation of the region are the strong anti-immigrant sentiment, low incomes and insufficient growth. The report states that the average annual income in the EU in 2015 was 24,183 euros, while in Latvia it was 6814 euros. Many young people from the East emigrate to start unskilled jobs in the Netherlands, France, the United Kingdom and Ireland because of the economic situation in their countries and the remaining population in these countries is aging.

In order to halt the process of depopulation, economic growth is needed, and in order to achieve growth, countries must explain to foreign investors what they are going to do about the declining population, said former economy minister of Latvia Vyacheslav Dombrovskis to Bloomberg.

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