Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Demographics’

Has the World Economy Reached Peak Growth?

Posted by hkarner - 17. Januar 2020

Jim O’Neill, a former chairman of Goldman Sachs Asset Management and a former UK Treasury Minister, is Chair of Chatham House.

Whether or not the 2010s were a „lost decade,“ one thing is clear: many countries fell short of their potential, possibly squandering their last best shot of registering strong GDP growth. In the decade ahead, demographic realities will catch up to China and the West, and the world will need a productivity miracle to offset the effects.

LONDON – At the start of a new decade, many commentators are understandably focused on the health of the global economy. GDP growth this decade most likely will be lower than during the teens, barring a notable improvement in productivity in the West and China, or a sustained acceleration in India and the largest African economies.

Until we have final fourth-quarter data for 2019, we won’t be able to calculate global GDP growth for the 2010-2019 decade. Still, it is likely to be per year, which is similar to the growth rate for the 2000s, and higher than the 3.3% growth of the 1980s and 1990s. That slightly stronger performance over the past two decades is due almost entirely to China, with India playing a modestly expanding role.Average annual growth of 3.5% for 2010-2019 means that many countries fell short of their potential. Den Rest des Beitrags lesen »

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Will Eurozone Policymakers Take the Long View?

Posted by hkarner - 8. Januar 2020

Daniel Gros is Director of the Centre for European Policy Studies.

The 2010s were an exceptional decade that called for unprecedented economic policies. Now, however, the eurozone’s fiscal and monetary policymakers must think more long-term and accept that continued stimulus measures are unlikely to offset the effects of Europe’s demographic decline.

BRUSSELS – The beginning of a new year, and the start of a new decade, is a good time for longer-term reflection on economic policy. In the 2010s, a decade dominated by the aftermath of a once-in-a-lifetime financial crisis, a strong monetary and fiscal stimulus was clearly justified. In fact, there is now general agreement that large fiscal expansions by governments almost everywhere, followed by unconventional monetary policies, were instrumental in preventing the Great Recession from turning into a repeat of the Great Depression of the 1930s.

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China’s median age will soon overtake America’s

Posted by hkarner - 4. November 2019

Date: 31-10-2019
Source: The Economist

Demography may be the Chinese economy’s biggest challenge

Shortly after 9am the neighbourhood care centre for the elderly shuffles to life. One man belts out a folk song. A centenarian sits by his Chinese chessboard, awaiting an opponent. A virtual-reality machine, which lets users experience such exotic adventures as grocery shopping and taking the subway, sits unused in the corner. A bigger attraction is the morning exercise routine—a couple of dozen people limbering up their creaky joints. They are the leading edge of China’s rapid ageing, a trend that is already starting to constrain its economic potential.

Since the care centre opened half a year ago in Changning, in central Shanghai, more than 12,000 elderly people from the area have passed through its doors. The city launched these centres in 2014, combining health clinics, drop-in facilities and old-people’s homes. It plans to have 400 by 2022. “We can’t wait. We’ve got to do everything in our ability to build these now,” says Peng Yanli, a community organiser. Den Rest des Beitrags lesen »

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Demographic Decline and the End of Capitalism as We Know It

Posted by hkarner - 19. August 2019

Date: 16-08-2019
Source: Foreign Affairs By Zachary Karabell
Subject: The Population Bust

For most of human history, the world’s population grew so slowly that for most people alive, it would have felt static. Between the year 1 and 1700, the human population went from about 200 million to about 600 million; by 1800, it had barely hit one billion. Then, the population exploded, first in the United Kingdom and the United States, next in much of the rest of Europe, and eventually in Asia. By the late 1920s, it had hit two billion. It reached three billion around 1960 and then four billion around 1975. It has nearly doubled since then. There are now some 7.6 billion people living on the planet.

Just as much of the world has come to see rapid population growth as normal and expected, the trends are shifting again, this time into reverse. Most parts of the world are witnessing sharp and sudden contractions in either birthrates or absolute population. The only thing preventing the population in many countries from shrinking more quickly is that death rates are also falling, because people everywhere are living longer. These oscillations are not easy for any society to manage. “Rapid population acceleration and deceleration send shockwaves around the world wherever they occur and have shaped history in ways that are rarely appreciated,” the demographer Paul Morland writes in The Human Tide, his new history of demographics. Morland does not quite believe that “demography is destiny,” as the old adage mistakenly attributed to the French philosopher Auguste Comte would have it. Nor do Darrell Bricker and John Ibbitson, the authors of Empty Planet, a new book on the rapidly shifting demographics of the twenty-first century. But demographics are clearly part of destiny. If their role first in the rise of the West and now in the rise of the rest has been underappreciated, the potential consequences of plateauing and then shrinking populations in the decades ahead are almost wholly ignored.

The mismatch between expectations of a rapidly growing global population (and all the attendant effects on climate, capitalism, and geopolitics) and the reality of both slowing growth rates and absolute contraction is so great that it will pose a considerable threat in the decades ahead. Governments worldwide have evolved to meet the challenge of managing more people, not fewer and not older. Capitalism as a system is particularly vulnerable to a world of less population expansion; a significant portion of the economic growth that has driven capitalism over the past several centuries may have been simply a derivative of more people and younger people consuming more stuff. If the world ahead has fewer people, will there be any real economic growth? We are not only unprepared to answer that question; we are not even starting to ask it. Den Rest des Beitrags lesen »

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In Praise of Demographic Decline

Posted by hkarner - 3. Juli 2019

Adair Turner, a Senior Fellow at the Institute for New Economic Thinking and former Chairman of the UK Financial Services Authority, is Chair of the Energy Transitions Commission. His latest book is Between Debt and the Devil.

Our expanding ability to automate human work across all sectors – agriculture, industry, and services – makes an ever-growing workforce increasingly irrelevant to improvements in human welfare. That’s good news for most of the world, but not for Africa.

LONDON – Every two years, the United Nations issues its latest estimate of future population trends. Its 2019 projection reveals a stark divide. Across all of Asia, Europe, and the Americas, population stability has already been achieved or soon will be, with the median projection suggesting an increase from 6.4 billion today to 6.5 billion in 2100, a rise of just 2%. By contrast, the UN projects that Africa’s population will soar from 1.34 billion to 4.28 billion.

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With Great Demographics Comes Great Power

Posted by hkarner - 16. Juni 2019

Date: 15-06-2019
Source: Foreign Affairs By Nicholas Eberstadt

Why Population Will Drive Geopolitics

Demographics may not be destiny, but for students of geopolitics, they come close. Although conventional measures of economic and military power often receive more attention, few factors influence the long-term competition between great powers as much as changes in the size, capabilities, and characteristics of national populations.

The United States is a case in point. In 1850, the United States was home to some 23 million people, 13 million fewer than France. Today, the U.S. population is close to 330 million, larger than the British, Dutch, French, German, and Italian populations combined. For more than a century, the United States has had the world’s largest skilled work force, and by measures such as mean years of adult schooling, it has long had among the world’s most highly educated populations. These favorable demographic fundamentals, more than geography or natural resources, explain why the United States emerged as the world’s preeminent economic and military power after World War II—and why it still occupies that position today. Den Rest des Beitrags lesen »

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Slower growth in ageing economies is not inevitable

Posted by hkarner - 28. März 2019

Date: 27-03-2019
Source: The Economist: Free exchange

But avoiding it means tough policy choices

FOR THE first time in history, the Earth has more people over the age of 65 than under the age of five. In another two decades the ratio will be two-to-one, according to a recent analysis by Torsten Sløk of Deutsche Bank. The trend has economists worried about everything from soaring pension costs to “secular stagnation”—the chronically weak growth that comes from having too few investment opportunities to absorb available savings. The world’s greying is inevitable. But its negative effects on growth are not. If older societies grow more slowly, that may be because they prefer familiarity to dynamism.

Ageing slows growth in several ways. One is that there are fewer new workers to boost output. Workforces in some 40 countries are already shrinking because of demographic change. As the number of elderly people increases, governments may neglect growth-boosting public investment in education and infrastructure in favour of spending on pensions and health care. People in work, required to support ever more pensioners, must pay higher taxes. But the biggest hit to growth comes from weakening productivity. A study published in 2016, for example, examined economic performance across American states. It found that a rise of 10% in the share of a state’s population that is over 60 cuts the growth rate of output per person by roughly half a percentage point, with two-thirds of that decline due to weaker growth in productivity. Den Rest des Beitrags lesen »

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What’s Causing China’s Economic Slowdown

Posted by hkarner - 13. März 2019

Date: 12-03-2019
Source: Foreign Affairs By Christopher Balding

And How Beijing Will Respond

Last year, China experienced its slowest economic growth in nearly three decades. The trouble seemed to start in the fall. Wage growth has cooled. Surveys show that companies in the manufacturing sector have begun shedding jobs. And imports are down, hurting other major exporting economies.

There’s more than one reason for the slowdown. A rapidly aging population, a falling birth rate, a tightening Federal Reserve, and a slowing global economy have combined to put the brakes on China’s economy. Yet Beijing cannot risk a recession. The Chinese government will not allow growth to slow significantly, even if that means storing up problems for the future.

PERFECT STORM
China’s problems stem primarily from decisions made years—in some case, decades—ago. In the past, China benefitted from a growing workforce, which boosted GDP both by adding workers and because younger workers tend to be more productive than older ones. But around 2012, the working-age population began to shrink, the inevitable result of the one child policy, which was enacted in 1979. The decline in growth rates owes in part to this demographic winnowing. Den Rest des Beitrags lesen »

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Posted by hkarner - 3. Dezember 2018

Pyramids of Crisis

November 30, 2018

In fact, we have been doing something about it for many thousands of years. An inverted pyramid of geniuses and giants, modern medicine, nutrition, sanitation, and assorted other innovations has extended our lifespans and helped more of us live to ripe old ages. That’s wonderful… but it’s also a problem many of us still don’t fully understand.

I have mixed feelings myself. At 69, I truly believe I’ll live well past 100 and stay as healthy and independent as I am now. But sometimes I wonder. For instance, in the past few weeks I had a growing adverse reaction to a new (to me) medicine. It made me tired and slowly lowered my blood pressure to a dangerous level. I didn’t recognize it and just thought the years and miles were finally beginning to take their toll. Finally, in consultation with my doctor, we figured out what was going wrong, changed course and the major symptoms improved quickly. But for about a month, I felt much older, almost invalid at times. It was kind of like the Hemingway line, “How do you go bankrupt?” The answer: “Slowly, and then all at once.” Den Rest des Beitrags lesen »

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Japan im Wandel: Ein Land geht in Rente

Posted by hkarner - 17. September 2018

Date: 16-09-2018
Source: SPIEGEL

TV-Spots für Senioren-Windeln, Probeliegen im Sarg auf der Todesmesse: Japans Industrie stellt sich auf die vergreisende Bevölkerung ein. Für das Land ist der Wandel ein gigantisches Problem.

Seit 1995 berichtet Wieland Wagner, mit Unterbrechungen, für den SPIEGEL aus Tokio. Über Jahrzehnte hat er das Land bereist, Menschen getroffen, die Kultur durchdrungen. Das folgende Kapitel aus seinem neuen Buch „Japan. Abstieg in Würde“ widmet sich der Industrie rund ums Älterwerden.

Wieland Wagner:
Japan. Abstieg in Würde
Wie ein alterndes Land um seine Zukunft ringt

Die Japaner leben im Durchschnitt immer länger, und darauf waren sie lange durchaus stolz: Alljährlich, zum Tag der Ehrung der Alten, den die Nation am dritten Montag im September als amtlichen Feiertag begeht, bekamen die über Hundertjährigen im Namen des Premiers Silberbecher überreicht.

Inzwischen ist diese respektvolle Geste dem Staat zu teuer geworden. Im Jahr 2016 lebten bereits 65.692 über Hundertjährige in Japan, etwa so viele, wie eine mittlere deutsche Stadt Einwohner hat. Von den Hochbetagten waren 87,5 Prozent Frauen. Bei der ersten offiziellen Zählung 1963 hatte Japan dagegen erst 153 Hundertjährige. Dieser Tage, wo die Jubilare zahlreicher und zahlreicher werden, sind die Becher, die sie geschenkt bekommen, nur noch versilbert. Den Rest des Beitrags lesen »

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