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Portugal's pensioner time-bomb

beggarA report issued by the United Nations puts Portugal on the critical list of countries that are set to have an unsupportable elderly population by 2050 with 40% of its residents aged over 60.

The extrapolation for Portugal shows an older population well above the European average unless steps are taken now.

Portugal is in 4th place, ahead of Greece and Italy, but after Japan which is the most worrying country along with Spain and South Korea.

On the positive side, the figures show that health care is improving but on the negative side there will unsupportable pressure on social services including pensions and the health system.

Portugal's government is well aware of the situation which, coupled with the birth rate between 2004 and 2014 falling by 25%, spells increasing economic pressure over the next 35 years.

In 35 years time the planet will have 9,780 million people, an increase of almost two billion from currently. This growth will be concentrated in countries whose level of fertility already is high.

The top boom countries are India, Nigeria, Pakistan, Democratic Republic of Congo, Ethiopia, Tanzania, United States, Indonesia and Uganda.

Portugal's current government has done close to nothing to reverse the flow of youngsters leaving the country for economic reasons. Saying 'they will come back when things are better' is a high risk strategy, if 'strategy' is the word.

The social security, pensions and health care ministries will be ill prepared to cater for the needs of an ageing population in 2050 unless soon there is a significant and sustained influx of people to work and breed in the country.

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