Morgan Stanley warns that an aging population in Europe will slash the Eurozone's GDP by 4% by 2040, as the working-age population shrinks significantly.
Italy is projected to be hit hardest by demographic changes, with GDP expected to drop by 6% over the next 15 years due to its aging population.
Countries reliant on hospitality will face outsized GDP impacts as an older workforce increases the tax burden while fewer working-age individuals fill essential roles.
While the U.K. may add 4% to its GDP by stabilizing its working-age population, it must still confront ongoing productivity challenges in the face of demographic shifts.
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