Coronavirus recovery: Population crisis adds to shadow over global future

As if the world did not have enough on its plate from the global recession and the pandemic, another unseen crisis could be creeping up on us with grave, long-term consequences. Birth rates around the world are declining at an alarming rate, with major implications for future growth, prosperity and social stability. Falling birth rates could mean many countries around the world face smaller populations by the end of the century.

There are many factors, but fear of the future could be a major reason parents are choosing to postpone or not have children at all right now. The Covid-19 crisis could be the antithesis of the baby boom phenomenon which helped catapult the global economy into a new era of post-war growth and prosperity. Policymakers cannot afford to ignore the consequences.

The world may be transitioning towards population decline, but it’s also a major success story. Falling birth rates around the world reflect greater female emancipation. More women are in work and in education, enjoying better welfare, rising affluence and improved contraception. There is a long way to go, but as opportunities improve for women it means the global birth rate will continue to decline.