New index evaluates senior economy in Europe: Portugal appears in the middle of the table
A new index that aims to monitor and evaluate the degree of evolution of the longevity economy – focused on people over 50 years old – in European countries it was presented this week. Through the analysis of data from the Organization for Economic Cooperation and Development (OECD) and Eurostat between 2005 and 2020, the objective is to allow a comparison of the development of countries in eight dimensions.
Demographic transition, health and social protection, pensions and labor protection, market for goods and services for seniors, senior job marketparticipation in society, financial security and healthy and active life are the factors under analysis in the entitled Senior Economy Trackeran initiative of the Agingnomics Research Center, of the MAPFRE Foundation, with the Universidad Pontificia Comillas.
The study shows Portugal above average in four of the indicators and below in the remaining four. The country achieves more positive performances in the areas of retirement and labor protection (5th place), senior labor market (9th), demographic transition and health and social protection (10th in both). On the other hand, it appears below average in relation to the market for goods and services for the elderly (14th place), financial security (16th), healthy and active life (22nd) and participation in society (23rd).
The countries analyzed include all members of the European Union, with the exception of Malta and Cyprus, due to “scarce representation and availability of data”, while Norway and the United Kingdom were integrated due to their “proximity” with the Member States of the European Union and due to their “relevance”, reads the document.
Frazao Studio Latino
When grouping all categories, Portugal occupies 14th position in the table, with a score of 32.27, on a scale of one to 100. The list is led by Denmark (43.41), followed by Norway (43, 27) , Netherlands (42.91), Sweden (42.13) and Finland (41.33). The last places are attributed to Bulgaria (19.62), Romania (19.52) and Croatia (18.22).
The study also reveals the existence of a “correlation” between the Gross Domestic Product (GDP) per capita and index scores. “One could argue that the advancement of longevity economics could lead to a greater economic development in terms of GDP per capita and/or that this greater development facilitates the advancement of the longevity economy”, indicates the analysis.
The growing aging of the population, in a context of decreasing birth rates and increasing average life expectancy, could increase the potential of the so-called “grey economy” to 28.1% of the European Union’s GDP by 2025, according to the European Commission. In a “gray economy”, economic activity meets the needs of people aged 50 and over, namely through the products and services purchased and the additional economic activity that the respective expenditure generates.
Launched in 2022, Longevity is an Expresso project – with the support of Novartis – with the ambition of looking at public policies on longevity, discussing our individual and social behaviors with one objective: that we can all live better and longer. This project is supported by sponsors, with all content created, edited and produced by Expresso (see code of Conduct), without external interference.
