Spain faces significant labor market decline due to aging population

A report by Fundación Adecco, based on projections from the Instituto Nacional de Estadística (INE), warns of a significant demographic shift in Spain that will impact the labor market. Between 2030 and 2050, Spain is projected to lose approximately 1.8 million people in the working-age bracket (16-64 years), while the population over 64 is expected to increase by 4.8 million.

Regional impacts are also notable. In Asturias, the working-age population is estimated to decrease by 53,069 people between 2030 and 2040, while the population over 64 will grow by 43,642. In Galicia, the working-age population is expected to drop by 125,280 people between 2030 and 2040, alongside a 16% increase in the elderly population.

The decline is attributed to the retirement of large cohorts from the 'baby boomer' and 'Generation X' eras, coupled with low birth rates. Francisco Mesonero, director general of Fundación Adecco, stated that this demographic challenge requires expanding the talent base through inclusion, specifically targeting people with disabilities and women at risk of social exclusion to mitigate professional shortages.