The global population is growing, as evidenced by the recent milestone of eight billion people. It took 12 years to jump from seven billion people to eight, and experts predict that Earth will house nine billion people in 15 years.
How does this growth happen? A leading factor is an increase in global life expectancy. In 1800, the life expectancy was 29 years. Now, it is 73 years, revealing better global health and an overall older population. Countries that enjoy the longest life expectancies include Spain, Italy, and Iceland, while Sierra Leone, Central African Republic, and Chad experience the shortest life expectancies.
There are also variations in the growth rate between countries. By growth rate and fertility rate, Nigeria and Pakistan are the fastest growing countries, whereas the USA and Russia are the fastest growing countries by migration rate. Overall, the world population grows by 0.83% a year.
Growing populations result in older populations, which are more productive and can generate increased capital. Similarly, more populous countries will see increases in multinational corporations, which provide increases in global output.
On the other hand, a large global population has resulted in slower global GDP growth. Additionally, we may see labor shortages, as well as growing industry demands to support an aging population. These demands will include assisted living facilities, pharmaceuticals, and hospitals.
The world population has skyrocketed, and will continue to grow. It is important to be aware of this growth, as well as its far-reaching and significant impacts on society.
