2. The ‘greying of the population’ will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for living standards, suppose that over the 49 years following 2009 the share of the population that is working returns to its 1960 level, while average labour productivity increases by as much as it did during 1960–2009. Under this scenario, what would be the net change in real GDP per person between 2009 and 2058? LO 13.5 HARD

The following data will be useful: YEAR AVERAGE LABOUR PRODUCTIVITY SHARE OF POPULATION EMPLOYED 1960 $45 438 37.8% 2009 $99 763 46.0%