The role of demography in macroeconomic development after the financial crisis in Finland (Risto Vaittinen and Reijo Vanne)
A distinguishing feature of Finnish society is that, compared with the situation in other countries, the post-war baby-boom generation is exceptionally large. Finland has already entered the stage of demographic transition where the share of the working-age population is declining because of population aging. The large post-war generation entered retirement age during 2008–2013, causing a sharp decline in the share of the working-age population. This decline will continue at an accelerating rate during the next decades. The change in demographic structure has coincided with the financial crisis.