Western countries will have to raise retirement age due to lack of labor force

The population of the Earth from 2064 for the first time in history may begin to decline and by the end of the century will amount to about 8.8 billion people. In 183 countries of the world by 2100 the birth rate will fall to 1.7 children per woman. The share of the working-age population will decline.

The demographic crisis could have serious consequences for the economy. The reduction in the number of able-bodied workers will lead to economic recession and slower growth in living standards, and will put a burden on pension and health care systems. As a result, rich Western countries will have to raise the retirement age by another five years and cut pensions.