Labour force

January 21, 2025 3:49 PM

India projected to account for 16% of global consumption by 2050: report

India is projected to account for 16% of global consumption by 2050, up from 9% in 2023, according to a report by McKinsey Global Institute titled "Dependency and Depopulation: Confronting the Consequences of New Demographic Reality." By 2050, only North America, with a projected 17% share, will surpass India’s global consumption share. These estimates are based on purchasing power parity, which adjusts for price differences across countries. India’s rise in global consumption share is pri...

In rapidly aging China, millions can’t afford to retire

China's latest statistics showed some 94 million working people - around 12.8% of China's 734 million labour force - were older than 60 in 2022, up from 8.8% in 2020. That share, while lower than in wealthier Japan and South Korea, is set to skyrocket as 300 million more Chinese reach their 60s in the coming decade. A third of this cohort are rural migrants, who typically lack the professional skills for an economy aspiring to move up the value chain. The main reason China has not built a str...