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Aging Population Might Cause Debt Problems in the Future for Austria
The Austrian Ministry of Finance published a budget prognosis for the upcoming 30 to 40 years. The financial future looks bleak in Austria. More specifically, the level of debt will be rising in the next years due to an aging population.
The Level of Debt Might Increase in Austria Due to its Aging Population. / Picture: © Pedro Szekely from Los Angeles, USA, CC BY-SA 2.0 , via Wikimedia Commons
Every three years, the Ministry of Finance prepares a long-term budget prognosis for the next 30 to 40 years. Most of the time, a constant decline in relative debt measured in the percentage of gross domestic product is predicted. At least that was the case in 2016 and 2019 when government debt was expected to slowly creep towards 50 or 65 percent of GDP. However, the prognosis looks…
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