The Demographics Dividend Is Turning Into a Tax
Shrinking workforces across Europe and East Asia are hitting growth, pensions and public budgets simultaneously.
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Fewer workers, more retirees
Dependency ratios are worsening in every advanced economy, and immigration alone cannot offset the shortfall. The productivity imperative has never been sharper.
The hard choices are coming: retirement ages, tax bases and the level of public pension generosity. Every option is unpopular, which is why most governments are deferring them.
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