Today, the average person’s retirement period is just over 40% as long as their working life. One approach would be to stabilise this relationship. Ladies and gentlemen, I have explained that higher energy costs and demographic change are likely to put a strain on potential output. Could productivity gains counteract this? Yes, possibly so. This would require the framework conditions to be improved.
For example, older employees and lower-skilled immigrants would need to be given consistent training and professional development. The potential offered by digitalisation should be tapped just as consistently. Looking back at the past 25 years, it can be seen just how remarkable the efficiency gains in the digital sectors have been compared with those in the rest of the economy (see Chart 13).