Many Western countries face a 'profound demographic crisis' of aging populations and record-low fertility rates, leading to economic repercussions like a shrinking workforce unable to meet high demands.
The decline in the ratio of working-age people to the elderly will lead to unaffordable elder care costs in nations like Japan and economic strains in the U.S. due to a smaller tax base.
Top economist Lant Pritchett proposes a radical plan to address the impending economic disaster caused by population decline.
The UN warns that if left unchecked, a decline in population growth could lead to a future population 'collapse,' magnifying the urgency to address the issue now.
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