Ireland. Report warns of explosion in public debt caused by ageing population
Longer working lives, minimising increases in public spending and reforms to boost productivity will be necessary over the coming years if an explosion in public debt, caused by an ageing population, is to be avoided, a new report from the Department of Finance has found.
The report, released by the department on Sunday, projects huge increases in age-related costs unless significant policy changes are made by future governments.
Rising life expectancy, greater numbers of older people and a consequent fall in the rate of economic growth will mean that total age-related expenditure will increase significantly as a proportion of government spending – squeezing budgets elsewhere and increasing deficits.
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