Projected population ageing implies a marked increase in the old-age dependency
ratio by 2060 (Figure 21), earlier than in many other OECD countries.
The OECD projects population to decline by 18% and employment, on current policies, by 23% by 2060,
reducing GDP per capita by 61⁄2 per cent, according to the OECD Long-Term Database. The
recent inflow of refugees has raised immigration well above projected levels. Immigration
can delay the impact of demographic ageing on labour supply.