More and more young people are leaving Eastern Europe, leaving behind a large population of aging people. Many are predicting tough economic times as fewer workers will make it harder for governments to provide for their aging populations.
"Just as the governments of Eastern Europe are grappling with the labor shortage caused by young, educated and skilled citizens moving West for higher wages, economists are warning of an even more serious crisis looming: The average age of those left behind is going up, and fewer are working."
"The two trends are bumping up against each other in a way that will pose immense challenges, economists say. The labor shortage will make it hard to sustain the high economic growth levels of recent years, but without such growth, cash-strapped governments will be hard-pressed to pay for the demands of an aging population - especially with fewer and fewer people contributing to the pension and health systems."
"The 'negative impact' is already being felt, he said. Wages, for example, are rising, which can be a double-edged sword."
"Low wages have traditionally given the region a big competitive advantage over Western Europe, enticing foreign companies to invest heavily in Poland, Slovakia and the Czech Republic. But they have also encouraged young people to leave for higher-earning jobs in western countries."
FULL STORY: Eastern Europe faces generation crisis
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