Nowadays, very few people think we will ever return to the conditions that we once thought of as normal

decent increases in real incomes and decent levels of real interest rates. But…

In both the East and West, populations are ageing rapidly. Many countries, including Japan, Germany and China, are going to experience dramatic drops in the working age population, accompanied by major dissaving by the old and retired. 

Roger Bootle Telegraph 20 September 2020

https://www.telegraph.co.uk/business/2020/09/20/now-demographic-turning-point/