It will also put considerable stress on the overall

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people 65 or older rises to over 22 percent by 2018. It will also put considerable stress on the overall health care budget. With the aging population in Germany on the rise in years to come, resources will become limited as well as scarce. Not to mention the possible loss of being Europe’s largest economy. The aging society mixed with a low fertility rate will lead to massive shrinkage of the working age population as well. Since the number of women who are in the fertile age is already decreasing substantially, little or no impact would come about even if an increased fertility rate arises. Between 2025 and 2035, the baby boomer generation will be retiring bringing forth the mot pronounced decrease in the working-age population. According to the International Monetary Fund, thepotential pressure Germany's labor market is a key concern. “The projected decline in the labor fource due to aging after 2020 calls for measures to boost labor supply in the medium term. Additional policies to integrate the current wave of refugees into the labor market, to broaden opportunities for full-time employment of women, and to extend working lives, would be important in this regard” (Allen, 2016).“It is inevitable that the ongoing demographic changes will significantly affect the German society and its economy” (Chervyakov, 2015). As the age dependency ratio continues to grow, there will be a heavier burden on each working individual. With this dependency, there has been an upswing in the demands of the aging citizens, which has caused a shortage of skilled workers which has forced
an influx of foreign care workers to help meet the demand. Most of these workers that are stepping up to help are of Russian descent, while many also come from Eastern Europe. “Demand for publicly provided health care and long-long term care services and state pensions could increase” (Winnekens, 2016).Effects on GermanyDiffering only in extent and speed, population aging is a global phenomenon found in many industrial and developing countries. Due to a shrinking labor force, potential output will also shrink as well as per-capita income shrinking. Housing prices may also increase due to the lack of new construction activity. As the age dependency ratio continues to grow, health care systems will be facing a serious organizational and financial challenges. As well as a heavier fiscal burden on each working individual may happen due to the population aging. With the older population needing specific healthcare needs, major adjustments will be required, such as geriatric medical training. According to Klaus Bottcher, a German insurer and directorof beneftis at KKH-Allianz, he “believes tha a growth in degenerative conditions is likely to be one of the leading health impacts of an ageing population in Germany, and one that the government is only just beginning to think about” (Kielstra & Scott, 2009). One move to help counter the effects of an aging population would be to help the hundreds of thousands of refugees that have immigrated to Germany find work. On a positive note however, having a steadily growing older population will bring a demand for nursing professionals. Granted there is an unchanged employment structure, the demand for nurses willbe met through 2025 if both semi-skilled and fully-qualified nursing professionals are counted together.

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