Should we re-think our definition of a successful country in tune with changing demographic trends? If we assess GDP in terms of output per population of working age we may get a different viewpoint on countries such as Japan.
This has important implications for how governments create policy here in the U.K. We are facing a situation where individuals over 65 will grow as a percentage of the population and we will have to adjust our view on how success is measured.
Alongside this will be the need for wealth management firms to devise products and services which meet the need for individuals living longer in retirement. This could include solutions that can promote growth and also allow freedom to obtain income over a longer retirement.
Gross Domestic Product (GDP) is used by policymakers and economists as a yardstick to compare the relative success of economic policy across the globe. However, using GDP as a measure of economic success is misleading.