The Birth-Rate Crisis Isn’t as Bad as You’ve Heard—It’s Worse

First, the bad news: Global fertility is falling fast. The aging populations of rich countries are relying on ever fewer workers to support their economy, dooming those younger generations to a future of higher taxes, higher debt, or later retirement—or all three. Birth rates in middle-income countries are also plummeting, putting their economic development at risk. Practically the only countries set to continue growing are desperately poor.

By about 2084, according to the gold-standard United Nations “World Population Prospects,” the global population will officially begin its decline. Rich countries will all have become like Japan, stagnant and aging. And the rest of the world will have become old before it ever got the chance to become rich.