"But public policy must be informed by a recognition of the effects of falling birth rates."

"Demography is not destiny, but it does need to inform public policy and individual decisions. It means greater attention must be paid to improving health, extending working lives, accepting more migrants, increasing productivity and growing savings. The shift from consumption to savings can increase the potential for a circular economy and reducing carbon emissions. It also reduces interest rates and inflation, allowing for higher levels of investment in clean infrastructure, health, housing and education, which are the bedrock of sustained growth".

Prof Ian Goldin, Oxford University