Chief Economist's Corner: Demography is destiny
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Insights Chief Economist's Corner: Demography is destiny 26-04-2024 We are living in an age of historic demographic changes. Changes that place great demands on innovation and reform in Western countries if prosperity is to be maintained, but also changes that lay the foundation
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The demographic challenges facing Europe, as outlined in Marieke Blom's recent commentary, highlight a critical economic dilemma for the region's future growth. While the conventional narrative emphasizes an ageing population and its associated costs, it often underestimates the potential of underutilized demographics such as women and older workers. Per the full note [source], the Draghi report illustrates a stark forecast: Europe's working-age population is poised to decline by two million annually by 2040. Despite this decline, the desk views the untapped labor reserves as a potential offsetting factor, presenting a more nuanced perspective on growth dynamics compared to the broader pessimistic outlook. Overall, it suggests opportunities to enhance productivity, negotiating a complex landscape characterized by a shrinking labor force and unprecedented fiscal pressures.
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