The National Bank of Denmark forecasts an older population will reduce annual per capita GDP growth by 0.3 percentage points as the country approaches 2050, with growth per head having averaged 1% a year over the last two decades.

“The reason for the fact that ageing populations will curb growth in prosperity per capita is, firstly, that the share of 20–69 year olds, from which the labour force is predominantly recruited, will decline,” the analysis by the central bank says.

Though it notes