Economic Growth in an Aging World

Global economic activity grew by an average of 3.6 percent a year between 1964 and 2012. However, without an acceleration in productivity growth, the rate of global GDP growth is set to decline by 40 percent, to only 2.1 percent a year over the next fifty years. According to research from the McKinsey Global Institute, it would require 80 percent faster productivity growth to fully compensate for the projected demographic decline. Is it feasible for the global economy to achieve such a large acceleration in productivity growth from an already rapid rate? What are the s.....