The United Kingdom, Germany, and Australia have overcome long-term economic stagnation by implementing a range of social and economic reforms, while Scandinavian countries have achieved a high level of satisfaction among their citizens as a result of their comprehensive welfare systems, supported by high taxes. The Asian NIEs have improved their standards of living by achieving high economic growth through market competition.
There is no shortage of lessons to learn from abroad to establish a new growth model and improve the standard of living. Institutional reforms and revisions are required in order to increase the working-age population, to raise the birth rate and put a brake on the population decrease. This undoubtedly is the correct approach, but it takes time to produce results.