Jan Pokorný (pokorny@fek.zcu.cz)
Department of Finance and Accounting, Faculty of Economics, University of West Bohemia
ABSTRACT
The process of population aging represents an important phenomenon in society. Therefore, this phenomenon is given wide attention. Population aging has many significant impacts. The purpose of this study is to analyse the impact on economic growth at the regional level in the Czech Republic. First, there is a literature search on the issue of population aging and economic growth. It is possible to use the view of the Cobb-Douglas production function or product creation as a component of the gross domestic product. Based on the studies, it is possible to expect a negative relationship, that a larger share of the elderly population leads to decreased economic growth. The study examines this relationship at the level of regions in the Czech Republic. The ordinary least squares model is used for this analysis. Based on the results of the study, it is possible to state that the aging process is present in all regions except the capital city of Prague. Economic growth was the highest in the Moravian-Silesian region. Thus, these two regions represent outliers. Based only on the comparison of the two extreme values of the time 2000-2021, it is possible to state that there is a noticeable decrease in economic growth in connection with the aging of the population. In time series analysis, this statement cannot be declared. That is why five-year periods were used, which partially eliminated the problem of being influenced by the cycle. However, the result still needs to be confirmed. The limitation of the research is the limited time series and the variables used. Further research can focus on a more detailed analysis involving other parameters.
Keywords: ageing, economic growth, regions, Czech Republic
JEL Classification: O18, O47, R11
