Annals of the University of Oradea: Economic Science (Jul 2019)
THE IMPACT OF DEMOGRAPHIC CHANGES AND MIGRATION ON ECONOMIC GROWTH WITHIN EMU COUNTRIES
Abstract
At the present time, demographic changes and migration are two economic and social challenges very debated within countries that are part of the Economic and Monetary Union, and also subject of various articles, books and studies. Over the years, various theories have attempted to explain demographic changes and migration and many economists and researchers tried to figure out the relationship between the two concepts and economic growth of both sending and receiving countries. The debates have argued the following statements: demographic changes and migration generally can promote, restrict or have no impact on the economy of a country. Likewise, the aim of this paper is to provide an analysis of the impact of demographic changes and migration on the economic growth of the EMU countries.This paper provides a theoretical framework of demographic changes and migration at international level, which emphasize the relevance and consequences of these two concepts on the economic growth of countries. Furthermore, is illustrated a summary of the Economic and Monetary Union, its main function and the benefits of the single currency in all European countries. An analysis of several demographic changes and migration indicators in EMU countries is also submitted, in order to highlight the situation in EMU countries. The research methodology entailed both quantitative and qualitative analysis. Statistical indicators regarding demographic changes and migration in EMU countries were used for research and a qualitative analysis made through discussions concerning the impact of demographic changes and migration on the economic growth of EMU countries. The results of this research emphasise that EMU countries are facing important demographic changes: an ageing population, low fertility rates, high duration of working, a high life expectancy at birth and a high number of immigrants. These changes could cause in the future important issues for the economy of the EMU countries. Furthermore, regarding the economic effects of migration for both sending countries and receiving countries, the debates have highlighted that can vary (both can experience gains/losses). In conclusion, EMU countries should take into account demographic changes and migration when they operate towards economic growth.
