The Economic Perspective: “The Pandemic’s Impact on Population Trends”

Mary:  This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program looks at the pandemic’s impact on population trends. Mike, everyone is trying to determine how the Covid-19 pandemic will affect the future.  Perhaps the most basic part of our future is the number of people there will be.  Do experts think that number will change as a result of the virus?

 

Mike: Summary Answer

  • Yes, and this could be one of the major impacts
  • In fact, federal statisticians just reduced their estimates of the country’s future population as a result of the pandemic
  • For example, rather than our population being 390 million in 2050, it will be 380 million – a 10 million drop
  • For comparison, we now have 335 million
  • Reason – birth rate falls as a result of recessions and economic pessimism
  • Smaller population – especially a smaller younger population – will have impacts on the workforce and ability of nation to pay on the national debt
  • I’m MW

 

Mary:  And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.