Demographics represent one of the major underlying forces of our macro-financial projections, as labour is one of the key inputs of production and economic growth. Three important trends will shape the macro-financial landscape over the coming decades.

Shrinking populations in most DM and several EM…

In the absence of immigration, fertility rates are declining below the substitution threshold. Many DM and China have already peaked, a large group of EM (e.g. India, LatAm) should peak in the next decade, while Sub-Saharan Africa should stay above the threshold for the next 25-30 years.

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