Ibbitson, 67, said over the next several decades that demographics will be the key driver of the global economy as more baby boomers age and birth rates around the world decline. He used India and China as examples of countries with declining populations that will need to find solutions for their labor markets.
Population declines will directly affect economic growth, prosperity, resource demand and labor, according to the journalist. Ibbitson said the global economic system will have to adapt to these demographic changes, and countries should adopt immigration policies that could bring in more workers.
As the pie shrinks, not every country can be successful in importing more workers. There will not be enough workers willing to relocate to meet all of the demand.
The solution is going to be re-thinking business processes and automation.