Economic Consequences of Global Birth Rate Decline in 2023

Friday, 22 March 2024, 15:42

According to HSBC Global Research, the global birth rate fell by 4.5% in 2023 compared to the previous year. Economist James Pomeroy highlights that this decline will result in significant economic challenges, affecting GDP growth, labor markets, and demographic structures globally. The shift towards a smaller population with more retirees than young people will have profound implications on resource demand, housing, and the sustainability of social services, necessitating new funding models and migration strategies to address emerging gaps.

https://store.livarava.com/d88268ae-e869-11ee-9699-5254a2021b2b.jpe — Economic Consequences of Global Birth Rate Decline in 2023

Global Birth Rate Decline in 2023:

According to HSBC Global Research, birth rates fell 4.5% last year from 2022. HSBC Global Economist James Pomeroy joins the Live show to discuss the economic consequences of a decreasing global population.

Key Points:

Impact on GDP Growth: A declining birth rate scenario could lead to a 0.3-0.4 percentage point difference in annual GDP growth rates.
Population Dynamics: A skewed population pyramid with fewer young individuals and more retirees will pose economic challenges.
Financial Implications: Governments will face higher costs for pension and healthcare systems due to a shrinking labor force.

While there may be benefits such as reduced resource demand, the overall economic outlook remains concerning.

Editor's note: This article was written by Gabriel Roy.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Global Birth Rate Decline in 2023:

Key Points:

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