In Europe, ageing is progressing at a very fast rate: in Italy, the old age dependency ratio has risen from 12 per cent in 1950 to more than 35 today; in Germany, from 14 to 32 per cent.
Demographic transition, however, is a global phenomenon: Japan has the oldest population in the world, while in China the dependency ratio has doubled since 1950 and is expected to reach 44 per cent by 2050, up from 13 today. This demographic transition will have a deep and long-lasting economic impact.