Oswell Rusinga

Finland: Population Projections and Economic Implications: Pros and Cons of Population Projections to Finland's Economy from 2009 to 2049 Oswell Rusinga

Population projections and economic implications were made for Finland from 2009 to 2049. Projections were based on the historical demographic trends in Finland prior to 2009, assumptions, expert opinions and trend extrapolations of demographic variables. The outputs from the Leslie model revealed that population will increase from 5 351 427 to 5 583 385 with a growth rate of 0.12% and a doubling time of 640 years. The Total Fertility Rate will also increase from 1.86 to 1.88. Life expectancy for males will increase from 76.74 to 87.85, while female life expectancy will rise from 83.52 to 91.89. Net migration will also sharply increase from 46 087 to 109 552. Births will increase from 303 231 to 304 448. The proportion of population age 0-14 will be constantly 17% of the entire population since 2009 to 2049. The proportion of those aged 65+ will increase from 17% to 24%. However, the proportion of those aged 15-64 will reduce from 66% to 54%. The increase in the ageing population in Finland is predicted to negatively affect the labour market, social security systems and the economy. On a positive note, the ageing population is predicted to lead to the growth of a silver economy.