Impact of intelligent industry on labor productivity under the conditions of population aging: The case of Slovakia
Impact of intelligent industry on labor productivity under the conditions of population aging: The case of Slovakia

Summary/Abstract: Population aging impacts labor supply and creates economic and social challenges, in particular due to a growing number of retirees and a shrinking workforce. This study examines the potential effects of intelligent industry on the Slovak labor market, focusing on labor supply and demand through analysis of statistical data from sources such as McKinsey, PWC, and the OECD. By modeling scenarios based on varying levels of intelligent industry adoption, labor productivity growth, and workforce trends, this study projects labor market shifts in Slovakia up to 2033. Key findings suggest that increased labor productivity and technological advancements could alleviate some workforce shortages, potentially substituting approximately 70,000 jobs while maintaining economic stability. Despite these advances, the Slovak labor market is expected to face a shortage of roughly 220,000 workers by 2033 due to demographic shifts. Thus, the study demonstrates that while intelligent industry could offset some labor demand and increase productivity by around 6%, it remains a partial solution. These insights underscore the need for strategic policy measures to mitigate the impacts of population aging and to adapt to evolving labor demands effectively.

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