Demographics – the future is now

There is an assumption that demography is a slow-burn theme that can be filed away for the long term. But working age populations are already shrinking in many of the major economies. They will continue to do so. With labour productivity growth at multi-decade lows, the medium-term prospects for global expansion are less than rosy. Before too long, we may well be flirting with a post-growth world. That would have huge implications for monetary policy, existing debt burdens and the repricing of financial assets.

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