1、Confidential and proprietary.Any use of this material without specific permission of McKinsey&Company is strictly prohibited.January 2025Authors Anu MadgavkarMarc Canal NoguerChris BradleyOlivia WhiteSven SmitTJ RadiganEditorStephanie StromData visualizationJuan M.VelascoDependency and depopulation?

2、Confronting the consequences of a new demographic realityCopyright 2024 McKinsey&Company.All rights reserved.Cover image:A silhouetted child soars through the air on a swing set.The setting sun casts a warm glow on the scene,creating a quiet and nostalgic atmosphere.SchulteProductions/Getty ImagesCo

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