Almost half of all government spending will be age-related by 2065

"The population should be stable by 2065, increasing at just 0.1pc a year. By then, however, there will have been a "transformative" 26pc increase in the number of people living here. The working-age population will increase from 3.55 million to 3.98 million by the early 2040s, at which point it will level off before declining to 3.89 million by 2065."

"the workforce's share of the overall population peaks in the middle of the next decade at 55pc, before declining gradually to below 50pc by 2065. "This is a consequence of Ireland's ageing population, with older generations dropping out of the labour force and not being replaced by sufficient levels of incoming workers," the report says. "This projection assumes that the retirement age remains at 66 throughout the time horizon. Should workers remain in the labour force later in life, it may offset these impacts.""

"The analysis, entitled "Future Forty", looks at the long-term impacts of global trends on Ireland's economy over the next four decades. This was done on a "no policy change" basis, which means the trajectory can change depending on what the Government does. While the researchers looked at 2,187 scenarios, collectively they suggest a slowdown in economic growth, and a worsening of the fiscal position, mainly due to lower corporation tax receipts and an older population."

Ireland's population will be stable by 2065, increasing about 0.1% annually and representing a 26% rise in residents. The working-age population grows from 3.55 million to 3.98 million by the early 2040s, then falls to 3.89 million by 2065. The workforce share peaks at 55% in the middle of the next decade and declines below 50% by 2065 due to an ageing population and insufficient incoming workers, assuming retirement age remains 66. A no-policy-change projection across 2,187 scenarios indicates slower economic growth, weaker public finances, reduced corporation tax receipts, and age-related spending rising to 46% of public expenditure.

Read at Irish Independent