THE Bank of Spain has warned that the country’s economy will need around 24 million migrant workers until 2053…
SPAIN WILL NEED 24 MILLION MIGRANT WORKERS UNTIL 2053 TO SHORE UP PENSION SYSTEM, WARNS CENTRAL BANK
THE Bank of Spain has warned that the country’s economy will need around 24 million migrant workers until 2053 if the pension system is to remain sustainable. The stark warning came in its annual report, covering 2023, and in which it raises the alarm over Spain’s ageing population and the consequences this will have for retirement payments. Spending on pensions in 2023 reached 13.1% of the country’s GDP, and the central lender predicts a ‘substantial rise’ in…