Italy risks losing 18% of its GDP in absolute value by 2042 if demographic decline is not halted, warns Domenico Lombardi, Professor of Public Policy Practice at Luiss, and Director of the Policy Observatory. The economist will address the economic impact of demographic decline at the second edition of the European Congress on Family, opening today in Dubrovnik, Croatia, and concluding on October 20.
The European Congress on Family
Organized by the European Conservatives and Reformists Party (ECR), with Member of Parliament Antonio Giordano as Secretary-General, the event will host around 300 delegates from around the world, including Eugenia Maria Roccella, Minister for Family, Birth Rates, and Equal Opportunities, and Antonella Sberna, Vice President of the European Parliament. The goal, explained by Giordano to Euronews, is to “strengthen ties among conservatives around shared values, such as family, fostering dialogue among different parties.”
Lombardi will moderate the first panel on “Balancing Generations: Effects of Demographic Aging on the European Economy.” “We will assess the long-term economic impact of ongoing demographic decline in Italy: based on Istat estimates, the impact is concerning,” he explains. “Considering the progressive and inevitable decline in residents since 2013 and the decrease in working-age individuals in our country, we risk losing 18% of GDP in absolute value by 2042 and 27% by 2062.”
“Addressing Demographic Decline”
In addition to Lombardi, other speakers at the event include Simona Baldassarre, Head of the Family Department for Lega, Jorge Jraissati, President of the Economic Inclusion Group and opponent of Maduro’s regime in Venezuela, Hannes Gissurarson, Icelandic Political Science Professor, Ylenia Lucaselli, Budget Committee Leader in the Chamber for Fdi, and Max Rangeley, Manager of the British think tank “Cobden Centre.”
“The role of the family, a true pillar of welfare, must be reevaluated with measures that provide fiscal and economic support, as seen in other European countries and in Italy under the current government,” Lombardi adds. “We must continue to pursue a proactive policy to counter demographic decline rather than passively endure it as we have done in the past.”
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The conference will also discuss the necessary investments to increase economic productivity and cope with the decreasing workforce. “In a country where the elderly population is increasing, we must be prepared to face a very different market from the current one,” concludes the economist with significant international roles for Italy. “Another topic of discussion will be the control of migration flows, where the regular component is significant for fertility increase, unlike irregular migrant groups.”
