By Paul Hodges
Two remarkable global demographic developments have occurred since 1950. Yet only recently have their impact on companies and the economy begun to be properly understood.
Life expectancy has risen by 50 per cent since 1950 (red column) to average around 70 years today, due to advances in disease prevention and knowledge about healthier lifestyles.
Total fertility rates have halved over the same period (green shading). The average woman now has only 2.5 children, as increased life expectancy means large families are no longer so essential for economic survival.