The eurozone’s working-age population had been growing until 2005, but it will fall from 2015 onward. Given that productivity has not been picking up, fewer workers mean significantly lower potential growth rates.
欧元区工作年龄人口一直保持增长至2005年，但从2015年将开始下降。由于生产率一直没有上升，工人的减少意味着显著降低的潜在增长率。而更低的增长率意味着维持资本/产出比所需要的投资更少。