It isn’t easy to grow old gracefully — as many ageing countries are beginning to find out. In France, people have taken to the streets to protest against a rise in the state pension age. In Germany, the government is pushing through a major liberalisation of its immigration system because employers are “desperate” for staff and the country will “lack 7mn workers by 2035 if we don’t do something”, as the labour minister has put it. Meanwhile, rating agencies are warning that ageing populations are hitting public finances across the world.
