<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body style="overflow-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><p style="font-size: 16px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; line-height: normal; font-family: Arial; font-size-adjust: none; font-kerning: auto; font-variant-alternates: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-feature-settings: normal; color: rgb(52, 102, 232);"><span style="font-kerning: none;"><a href="https://www.google.com/url?rct=j&sa=t&url=https://www.imf.org/en/Publications/fandd/issues/2025/06/the-debate-over-falling-fertility-david-bloom&ct=ga&cd=CAEYCSoTODA3OTc5NjM3MjEwMzAxMzkwNDIaNjZjNmQwYzMwYjIwNTBlODpjb206ZW46VVM&usg=AOvVaw1MowRSwx60YxYVt32zSafq" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.google.com/url?rct%3Dj%26sa%3Dt%26url%3Dhttps://www.imf.org/en/Publications/fandd/issues/2025/06/the-debate-over-falling-fertility-david-bloom%26ct%3Dga%26cd%3DCAEYCSoTODA3OTc5NjM3MjEwMzAxMzkwNDIaNjZjNmQwYzMwYjIwNTBlODpjb206ZW46VVM%26usg%3DAOvVaw1MowRSwx60YxYVt32zSafq&source=gmail&ust=1749502120417000&usg=AOvVaw1RtRvU2r5yQcxfoyjYrvWJ" style="color: rgb(17, 85, 204);">The Debate over Falling Fertility - International Monetary Fund (IMF)</a></span></p><p style="font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; font-size: 12px; line-height: normal; font-family: Arial; font-size-adjust: none; font-kerning: auto; font-variant-alternates: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-feature-settings: normal; color: rgb(96, 96, 96);"><span style="font-kerning: none;">International Monetary Fund (IMF)</span></p><p style="font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; font-size: 12px; line-height: normal; font-family: Arial; font-size-adjust: none; font-kerning: auto; font-variant-alternates: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-feature-settings: normal; color: rgb(28, 28, 28);"><span style="font-kerning: none;">A decline in global <b>population</b> later this century may threaten <b>human</b> progress, or it may lead to better lives.</span></p><div>
<meta charset="UTF-8"><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;"><br class="Apple-interchange-newline"><br></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;">\\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;">\u201cBooms have consequences.\u201d</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;"><br></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;">Grant, James. Money of the Mind : Borrowing and Lending in America from the Civil War to Michael Milken. Farrar Straus Giroux. 1992</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;"><br></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;">\\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;">\u201cIt is no coincidence that the deepest and most protracted recessions in recent decades have taken hold in countries that experienced booms \u2026\u201d </div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;"><br></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; font-family: Helvetica; font-size: 12px;">The Economist, July, 2001 </div>
</div>
<br></body></html>