The rating agency’s report highlights the shift under way in the global economy as a “demographic dividend” that has helped to drive growth starts to mutate into a “demographic tax”.

“Demographic transition, frequently considered a long-term problem, is upon us now and will significantly lower economic growth,” said Elena Duggar, a Moody’s vice-president and one of the authors of the report.

Moody’s said the global working-age population would grow only half as fast between 2015 and 2030 as during the previous 15 years. It said all countries except a handful in Africa would see their working-age populations either decline or grow more slowly over that period.