First, the good news. People across Asia are living longer and healthier lives than ever before. Now, the bad news. This – together with the tendency for families to have fewer children – it is posing challenges for policymakers. According to the United Nations, the more developed regions of the world, such as US, Europe, and Japan – accounting for 70 per cent of the world economy – will have as many people aged over 60, as those of working age in 20 years’ time. That means the dependency ratio will have risen from 30 per cent at the start of this century to 50 per cent a quarter of the way through.

In some parts of the globe the trend is particularly strong. Japan, Italy and Germany are well known for their adverse demographic profiles. Japan, for instance, is set to see its population shrink from around 127m last year to 100m in 2050. There are also striking differences between countries. China, thanks to its one-child policy, will see population growth of 6 per cent by 2050 while India’s is expected to be 44 per cent.