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- Economy in Transition | Boom, Bust & Rebirth | Winners, Losers & the New World Order
Economy in Transition | Boom, Bust & Rebirth | Winners, Losers & the New World Order
Economy in Transition - The future is uncertain and full of challenges. How do we rescue our cities and tackle inequalities? How do we deal with an aging future and bridging the gender gap? It's time for some forward thinking.
Economy in Transition
Stars: Dafydd Rees, Alastair Bates
Genres: Documentary, News
0:00 To Live Long and Prosper
This programme asks how some of the world's biggest economies will cope with rapidly ageing populations? Part 1 features Bloomberg experts featured include Jamie Murray,Chief Economist EMEA of Bloomberg Intelligence and BI Chief global economist Mike McDonough. Part 2 features author, diplomat and academic Professor Stephen Chan. Part 3 looks at how the German car industry is adapting to cater for elderly workers and travels to Southern Italy to examine big demographic movements there.
22:55 For Richer, For Poorer
This programme asks how some of the world's biggest economies will cope with rapidly ageing populations? Part 1 features Bloomberg experts featured include Carl Riccadonna, Greg Elders and Yelena Shulyatyeva from Bloomberg Intelligence. Part 2 features economist Dambisa Moyo. Part 3 examines inequality in South Africa and how one business is seeking to make a difference.
45:30 The Energy to Change
This programme asks how do we power a sustainable world? Part 1 features Bloomberg experts featured include Seb Henbest and Jenny Chase of Bloomberg New Energy Finance. Part 2 features academic Tony Seba, author of Clean Disruption of Energy and Transformation." Part 3 features the world's largest solar plant in Morocco which will supply energy for millions and shows how technology is harnessing the sun's energy 24/7. It also features how a start up in South Africa is using recycled plastic bags to create solar backpacks for schoolchildren.
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Video Transcript
The demographic time bomb.
Some of the world's biggest economies, Italy, Germany, Japan and China, are aging.
They're running out of workers with potentially disastrous economic and social consequences.
How can nations deal with volatile demographic pressures?
And will these pressures transform the global balance of power for decades to come?
Demographics rule the world.
The exact combination of young and old, workers and retirees,
can determine a country's economic future.
Every country has a demographic sweet spot,
where the majority of your population is of working age.
So they're both producing and they're consuming.
Great for the economy.
Well, demographics are very important.
Put bluntly, for advanced economies, the more people there are,
the larger the economy is likely to be,
and the more power and influence they like to wield on the global stage.
And that's why the US is a global leader
and it's why European countries club together to influence policy on a global level.
The population of the planet doubled twice in the 20th century,
meaning the world was able to create more wealth.
So in 1965 there were about 3.3 billion people on the planet.
Now it's about 7.3 and that's just 50 years later.
So that's obviously had an enormous effect on the productive capacity of the economy in total.
But as well as growing, the world's population is aging.
The average age of all the people on Earth at the start of this decade was 32.
By the end of this century, it will be 42.
By 2035, 1.1 billion people will be over the age of 65.
This greying of the planet has potentially profound economic implications.
As the population ages, it means there are more people consuming goods and services
and fewer people producing them.
So simply there's just a bit less to go around.
And overall that means that an economy with an ageing population
is going to be growing slower than it otherwise would.
As ageing happens, people are going to save less, they're going to spend more,
and that's potentially going to push up interest rates quite significantly
over the next few decades.
And if you look at analysis from former Bank of England economist Charlie Bean, he says
that's about to happen roughly right now.
We're just at that inflection point where demographics start to push up interest rates
rather than push down on them.
Many of the countries with the fastest growing working age populations are in Africa or Southeast
Asia.
These countries are about to enter a demographic window that is going to be very supportive
of producing economic growth.
India is in the early parts of a demographic sweet spot
where the majority of their population
is now of working age.
This really helps support growth.
India right now, in 2016, is projected to be one of,
if not the fastest growing economy in the world.
