For several countries the dependency ratio is rising quickly. Older people tend to run down their assets quickly and this depletion of savings could put upward pressure on interest rates, though rising longevity works in the opposite direction. This pressure could be exacerbated as the control of global GDP shifts, broadly speaking, from older people living in rich countries to younger people in poorer countries who will have to provide the goods and services older people need.

Shamik Dhar, global chief economist, BNY Mellon Investment Management

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