What impact will changing demographics have on economies?
What we see around the world is a very interesting divergence. You have much of Europe for example where birth rates have come down radically in the last 20 years as a result of which the dependency ratio is rising. And the other side of the spectrum is, of course, a country like India with a very large young population where the challenge is the conventional assumption of retirement where children play a large role in provision of old-age security. One thing we have learnt is that as economies mature, the speed at which the social traditions break down is surprisingly fast. So by relative terms, India has one of the largest (number of) old-age pensioners and there are going to be increasing tensions of provisions at that level.
