In most advanced economies, aging populations – a serious problem in Europe and Japan –exacerbate the problem of fiscal sustainability, as falling population levels increase the burden of unfunded public-sector liabilities, particularly social-security and health-care systems. Low or negative population growth also implies lower potential economic growth and therefore worse debt-to-GDP dynamics and increasingly grave doubts about the sustainability of public-sector debt.
在许多发达经济体，尤其是在欧洲和日本，人口老龄化会加剧财政风险，因为随着老龄人口比重的上升，公共服务的资金缺口会更加突出，尤其是社会保障和医疗保障体系的负担会大大加重。人口的低增长甚至是负增长还意味着经济缺乏增长潜力，从而放大债务 —GDP 比率，加剧市场对这些国家公债可持续性的忧虑。