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Generation mix and GDP growth in OECD countries.
Supanee Harnphattananusorn1, Thitima Puttitanun1
1Department of Economics, Faculty of Economics, Kasetsart University, 50 Ngam Wong Wan Rd., Lat Yao, Chatuchak, Bangkok, 10900, Thailand.
Heliyon
|September 19, 2022
Summary
Workforce generation diversity impacts economic growth differently across nations. While beneficial for developed economies, it hinders growth in developing countries, highlighting the importance of national context.
Area of Science:
- Economics
- Sociology
- Demographics
Background:
- Workforce demographics are shifting with multiple generations working concurrently.
- Understanding the economic implications of generational diversity is crucial for policy-making.
Purpose of the Study:
- To analyze the relationship between workforce generation diversity and economic growth.
- To determine if this relationship varies based on a country's level of economic development.
Main Methods:
- Utilized panel data from 37 Organisation for Economic Co-operation and Development (OECD) countries.
- Analyzed data spanning from 1979 to 2019.
Main Results:
- Generation diversity positively influences economic growth in developed nations.
- Generation diversity negatively impacts economic growth in developing nations.
Conclusions:
- The effect of generation diversity on economic growth is contingent upon a country's development status.
- Policies addressing workforce composition should consider national economic context for optimal outcomes.
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