Europe is sometimes called the "old continent" because of its long and rich history. This nickname is also justified by the harsh truth that the process of depopulation in European countries is increasingly pronounced, just like the process of population aging. According to forecasts, in the next 50 years, the population of Europe will make up only 4% of the world's population. Serbia, like the countries in the region, is not spared from this growing trend of depopulation. Moreover, the population of Serbia belongs to the fastest-declining population in the world. With an average age of 43.8 years, it is one of the oldest in Europe. The 21st century is the century of aging, but also the century of migrations, which are somewhere in the low birth rate, brain drain, and accelerated aging of the population. The depopulation process in Serbia is dislocated differently and is more visible in rural and mountain areas, compared to urban areas. The average age of people in rural areas exceeds 65 years. The able-bodied population is mostly concentrated on the Belgrade-Novi Sad axis (developed north) due to better living and working conditions. Serbia did not deal with demographic policy in time and is now paying the price for it in economic, developmental and social terms. Since without human capital, any development, even economic, is not possible, the author tried to point out the concrete economic consequences that depopulation and demographic transition in Serbia gave birth to.

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