Czech labour market could face shortage of half a million workers by 2045

Czechia could face a shortage of almost half a million workers by 2045 due to demographic change, according to an analysis by consultancy Moore CR. After 2030, large generations born in the 1970s will increasingly retire, while much smaller generations enter the workforce. The gap is expected to widen significantly from 2033. Experts say the problem will require a combination of encouraging people to work longer, managed labour migration and extensive retraining. The analysis estimates the demographic shift could eventually cost the state the equivalent of 3.3 percent of GDP annually through lost revenues and higher pension spending.