Evaluating the Impact of Demographic Shifts: A Comparative Analysis of Economic and Social Consequences in G7 and BRICS Nations

Abstract

The aim of this study is to explore how demographic shifts are affecting the economic and social environments of BRICS and the G7 countries. Its focus is to spot trends in age structure, life expectancy, fertility rates, and employment tendencies in order to estimate the future economic resilience and growth prospects in these regions. Using a comparative analysis methodology, this paper collects and examines data from 2000 to 2023, covering a time period of over two decades for both BRICS and the G7 nations. Additionally, the authors have resorted to a mixed methods design that encompasses secondary data analysis along with qualitative research. This method uses several quantitative indicators such as population age structure, the life expectancy at birth, but also fertility rates, and unemployment rates to provide a comprehensive view on the impact of demographic changes. Our results show an obvious difference: While the population of G7 countries is getting older and fertility drops, in BRICS nations we find growing young populations. The G7 countries squeeze economic momentum out their dwindling workforce, while the BRICS nations ponder how best to utilise a youthful demographic. In so doing, the paper contributes significantly to our understanding of the demographic and economic trajectory for both emerging as well as established economies. This contrast underscores the direction that global economic dynamics might take in a new multipolar world. This case also reiterates the impact of demographic trends on economic policy and alludes to a growing necessity for targeted social and economic measures. This paper notes that G7 nations could emphasise innovation and immigration policies, while the BRICS countries may work toward improvements in education and employment to take advantage of their demographic dividend. In the end, this research will stand as a considerable scholarly contribution concerning how changes indemographics can critically impact economic conditions while offering up an action plan for future policy makers that moves at the speed of our new demographic reality.