‘Even in a poor country like India, life expectancy has increased by five years in just the last decade, while birth rates have been falling’
In global terms, it means that in the richest countries of the world, tax bases will shrink and these countries will be spending more on old-age benefits. In India, this will apply to children of retired parents, who will be living well into their 90s. In some parts of the world, a shrinking population also means a smaller workforce. The prediction is that this will lead to a reduced gross domestic product in most of the world.