The global working age population is shrinking: The percentage of people aged 15 to 64 in the world population is down -20 points since 1960, to 55%. Over this period, the sharpest decline was recorded in China, at -36 percentage points, to 44%. In the US, the working age population proportion fell -13 percentage points, to 54%. On the other hand, the European Union saw a +2 percentage point increase, to 57%. Overall, the number of countries where the working age population is shrinking is up by +48 since 1980, to 50. That number is estimated to increase to 77 by 2040. Demographics are set to be a major headwind for growth in developed global economies.(The Kobeissi Letter)