THE IMPACT OF THE SILVER ECONOMY ON NATIONAL ECONOMIC PERFORMANCE IN THE CONTEXT OF THE LABOR MARKET

Abstract

Population ageing has become one of the key demographic challenges affecting economic performance and labour markets across Europe. The growing share of older individuals has led to the emergence of the silver economy as a concept emphasising the economic potential of the population aged 50 and above. This paper examines the development and economic determinants of purchasing power in Slovakia and analyses the impact of the silver economy on the country’s gross domestic product. The empirical analysis is based on secondary statistical data for the period 2015–2023 and applies ordinary least squares regression models to assess the relationship between GDP and the employment rates of older age cohorts (50–54, 55–59, 60–64 and 65+ years). The results confirm a statistically significant positive relationship between senior employment and economic performance in all analysed age groups. The strongest and most stable effects are observed among individuals aged 50–59, while a substantial positive impact is also identified for the 65+ cohort, indicating the high economic value of working retirees. The findings highlight the heterogeneous nature of the silver economy and underline the importance of age-specific and regionally differentiated labour market and social policies. Supporting senior employment and purchasing power can represent an effective tool for mitigating the negative economic consequences of population ageing and for promoting sustainable economic growth in Slovakia.