How the aging population affects the economy

2023-09-09 07:00:00

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CHRONIC. Loss of productivity, increase in deficits, real estate crisis… The harmful effects of an aging demographic are accumulating and continuing.

By Patrick Artus*

On a public bench on Île Saint-Louis, in Paris, in September 2022.
© BENOIT DURAND / Hans Lucas / Hans Lucas via AFP

Published on 09/09/2023 at 09:00 a.m.

LDemographic aging affects many countries: Europe, Japan, China, Latin America, Russia, Korea, etc. If we define demographic aging as a decline in the working-age population, they are not affected by this evolution (and will not be by 2050), the United States, Africa, India, Pakistan, the emerging countries of Asia, the countries of the Middle East.

We want to show that demographic aging has many negative consequences on the economies of the countries it affects.

Less productive older employees

The first of these consequences results from the fact that, everywhere in aging countries, the total population is declining less than the population of working age, due to the increase in life expectancy. For example…

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