Bloomberg Businessweek Confronting the Consequences of a New Demographic Reality
Jan 17, 2025
Olivia White, Director of the McKinsey Global Institute, shares insights on alarming demographic shifts and their economic implications, detailing the impact of declining birth rates. Robert Garrett, CEO of Hackensack Meridian Health, discusses healthcare challenges amid political changes, including costs and innovations. They highlight the urgent need for businesses and healthcare systems to adapt strategically. The duo emphasizes technology's role in fostering economic growth and the importance of collaboration to address healthcare accessibility.
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Declining US Birth Rate
- U.S. births declined in 2023 to their lowest level in over 40 years, continuing a two-decade trend.
- This declining birth rate has economic implications, including negative impacts on GDP per capita.
Global Birth Rate Decline
- Two-thirds of the global population lives in countries with below-replacement birth rates.
- This demographic shift necessitates societal adaptation as it impacts the traditional social compact and economic stability.
Impact of Declining Birth Rates
- While global birth rates are declining, the world population is increasing, raising questions about the impact in emerging economies.
- Factors beyond economic instability and uncertainty, like lack of paid family leave and high healthcare costs, influence birth rates.