The Impact of Demographic Aging on the Labor Market in the Republic of Serbia

Abstract

Population aging is an alarming trend for any country, causing serious social and economic consequences, including for the labor market. The aim of this paper is to determine the impact of demographic aging on the national labor market based on a comparative analysis of the aging process in different countries. Achieving this goal relies on generalizing demographic processes in the Republic of Serbia, developing forecast indicators for the development of the national labor market considering interregional and interstate differences. The article identifies disparities in the distribution of various age cohorts between the regions of the Republic of Serbia (RS) and identifies factors influencing the improvement of the quality of the national labor market. The dynamics of demographic changes and their impact on the labor market are crucial for developing effective public policies that will promote sustainable economic growth and social security. The article reveals the role of the elderly population in the development of the basic sectors of the RS economy and assesses the problems of workforce replacement under modern employment trends.