Report
Does population ageing explain the decline in productivity gains?
Population ageing can lead to a decline in productivity gains through several mechanisms: Lower efficiency and less dynamism in the labour force if its average age is higher; Less dynamism among older business leaders, who are less inclined to modernise their companies; A higher tax burden that finances pension and healthcare spending; A smaller young population looking for innovations and new products. When we compare the demographic situation and productivity gains across OECD countries, we see ambiguous results: The weight of over-65 year olds is negatively correlated with productivity gains, but this is not the case for other ageing indicators; Ageing is strongly positively correlated with automation, which is the opposite of what is expected.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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