The huge economic challenge posed by Gloucestershire's rapidly ageing population was highlighted at the GFirstLEP annual review today.

The Local Enterprise Partnership has succeeded in levering in more than £100 million in Growth Deal funding from the Government to help drive the county's economy.

But business leaders gathered at Rush Skate Park in Brimscombe, near Stroud were given a stark reminder of how the ratio of young people to the elderly is going to be a major issue in future decades.

Peter Bungard, chief executive of Gloucestershire Council, said that by 2039 it was projected that the number of over 65 year olds in the county will have increased by 67 per cent whilst the working aged population will have gone up by less than one and a half per cent.

"Another worrying figure is that we export on average about 400 young people every single year. Often going to city's with universities and not coming back and we do not have a birth rate in Gloucestershire to replenish that," said Mr Bungard.

So GFirstLEP has launched Vision 2050, a campaign to draw up a plan to help make the county a better place to live and work over the next 33 years.

"I think it is really important that young people have the greatest stake in the future of Gloucestershire," said Mr Bungard. "The proposal is that we have a big conversation over the next 12 months that engages the whole of Gloucestershire."

At GFirstLEP's sixth annual review chairman Dr Diane Savory said businesses were at the very heart of the success of Local Enterprise Partnerships. GFirst LEP had channelled more than £100 million of funding into capital projects including almost £40 million of European funding.

"But we must not rest on our laurels. We must continue to work hard for our county."

Chief Executive David Owen said: "The total investment project that GFirstLEP has unlocked for Gloucestershire in the last six years is half a billion pounds. Supporting our businesses, upgrading our transport infrastructure, investing in skills and growing our Gloucestershire economy."

Business leaders were told:

*The Gloucestershire economy is now worth £3 billion more than it was when the LEP was formed in 2011, at just under £15 billion.

*Business numbers have grown seven per cent with 3,000 new enterprises.

*Over the last three years the growth of the county's economy has been three times the national average.

Some of the projects supported by GFirstLEP include:

*A planned cyber park west of Cheltenham between the M5 and the town to train, educate and innovate - the first of its type in the country (£22 million).

*The spine road to regenerateCinderford's northern quarter with the new Gloucestershire College unlocking more than £100 million in investment for the area (part of £45.5 million invested in transport infrastructure)

*The Renewable Energy, Engineering and Nuclear (GREEN) skills project at the Gloucestershire Science and Technology Park, Berkeley (£5 million)

*Gloucester Transport Hub with the new state of the art bus station (£6.4 miliion)

*Expansion of the Growth Hub forming a network across the county (£10 million)

*Farm 491 at the Royal Agricultural University, Cirencester promoting agritech and accommodation 55 businesses (£2.92 million)