These economies face a slower decline of the youth population ratio and a slower pace of aging than economies in the advanced group (Chart 7). Differences in fertility rates and life expectancy at birth cause different demographic patterns. 5  While the total dependency ratio in China began to decline in 1970, the scale of the decline remained limited during the 1970s.
Thus, the demographic dividend period is considered to have started in 1980, the year a clear declining trend was observed. BIS central bankers’ speeches  3  III. Demographic changes and expenditure patterns in Asia  The aforementioned demographic changes affect macroeconomic performance in various ways. Typically, they affect economic growth through movements in labor supply, savings, and investment.