12 July 2023

Redefining Economic Strategies and Policies: The Impact of Demographic Trends on Social Protection and Economic Growth

On July 10th, 2023, in Banja Luka, the Union of Employers of the Republic of Srpska organized a roundtable discussion “Demographic Trends and Socio-Economic Challenges – What and How Next?”. At this event, a document titled “The Impact of Demographic Trends on Economic Growth and the Sustainability of the Social Protection System” was presented. Mladen Lujić, the executive director and Tanja Damjanović, PR associate of Lykos Company, attended the event.

Authors of the present document emphasized the necessity of redefining economic strategies and policies to confront the challenges posed by demographic trends. Special emphasis was placed on the need for a fairer redistribution of resources within the community, while questioning the continued functioning of the intergenerational solidarity principle, known as the Bismarckian model. Additionally, the importance of streamlining and digitizing procedures to facilitate the easier integration of workers of all age groups into the labour market was highlighted.

Lykos Balkan Metals became a member of the Union of Employers of the Republic of Srpska in 2022. Through its membership, the company aims to actively participate in shaping business policies and strategies, as well as in the processes of creating new regulations and amending existing ones. Aware of the significance of demographic trends and their impact on business, Lykos actively engages in finding sustainable solutions that will enable stable economic growth and adequate social protection in the Republic of Srpska. 

In anticipation of an increasingly challenging future, collaboration among employers, experts, and institutions becomes crucial. The roundtable discussion in Banja Luka provided a platform for exchanging ideas and considering possibilities for establishing effective mechanisms that will address the demographic trends and socio-economic challenges we face. 

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