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.