In Europe, the term Silver Economy is used. The European Silver Economy (for the EU: the economy of the population over 50) would currently be the third largest economy in the world, behind only the USA and China. A European Commission study conducted by Technopolis and Oxford Economics explores its concrete economic potential and lays out steps how to capture it fully. The study estimates a baseline value of €3.7 trillion (2015) for Europe’s Silver Economy, primarily comprising private expenditure by older people (50 plus) on various goods and services, from housing to recreation. Official population projections suggest the Silver Economy will expand steadily over the next 10 years, across the EU. Based on the study's assumptions, it has the potential to expand by approximately 5% per year up to 2025, to €5.7 trillion. The study experts forecast the contribution of the European Silver Economy to GDP to reach €6.4 trillion and 88 million jobs by 2025. This would be equivalent to 32% of EU GDP and 38% of the Union’s employment.