Where will future growth come from?

Not from rising labour inputs in Western economies.

You have been warned......

"Overall, it is apparent that the future global economy will not be able to rely on the kind of demographic inputs that helped fuel growth in the era before the current global recession.

For today's affluent Western economies, the coming demographic challenge of stagnant and aging populations combined with mounting health and pension claims on a shrinking pool of prospective workers is already generating concern, especially in Europe and Japan.

But at the same time, demographic constraints in the rising economies that are expected to fuel future global growth are more serious and intractable than generally recognized."

Nicholas Eberstadt
What Population Growth--and Decline--Means for a Global Economy
Foreign Affairs