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.
‘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’
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