Having said this, I should also stress that while this demographic phenomenon is a more or less inevitable outcome of people’s choices reflecting increasing living standards, it is not synchronous across countries. Comparing Japan and Turkey in the next slide (page 28), you can see that the inflection points are roughly 40 years apart, or one and a half generations.
If there are complementarities between economies in these cases, for example in terms of resource needs and savings and investment patterns, and if we can take advantage of them, the impact of demographics could be mitigated at the global level. Looking at the impact of aging on individual economies, firms are beginning to respond to this reality.