Factors for changing the fiscal resilience of states under the conditions of population ageing

Population ageing is one of the most prominent global demographic trends of the present time. Countries and regions of the world “are ageing” with different intensity; however, the general orientation of the process determines the structural changes happening in the world community. The economic consequences of population ageing are large-scale and multifaceted: deterioration of the budgetary balance, changes in the structure of savings and investments, shortage of labor, reduction in operational effectiveness of social security systems, decrease in productivity and economic growth rates, as well as inefficiency of the macroeconomic policy. The problem regarding the consequences of population ageing has long ago moved beyond the particular “ageing” states, which are forced to change the vectors, including the foreign policy. Countries, which are the world economic leaders, have overwhelmingly completed the stage of implementing the demographic dividend, having entered the phase of intense increase in ageing consequences of the age structure. The problems they face can have a significant impact on the economic situation in the world as a whole. The article is aimed at analyzing the factors for changing the fiscal resilience of the countries included in the Group of Twenty (G20) under the conditions of population ageing. The choice of the study object is due to the fact that G20 is not only the dominant economic group in the world, but also includes the states, which are at different stages of implementing the demographic dividend and population ageing. This largely allows to predict the further development of the world economy and on the example of the countries that have already faced the whole spectrum of ageing consequences to elaborate the measures that can contribute to maintaining the sustainable development of the world community as a whole.