If it is true demographics are destiny, then infrastructure investments, perhaps more so than others, could be poised to be a more popular investment choice. As KKR’s February viewport paper, What does population aging mean for growth and investments?, states, aging populations, particularly in the western world, will likely mean slower growth, lower interest rates and lower financial returns. It is possible for countries to mitigate these trends and lessen or reverse some of their impact, but the tools they have at their disposal — immigration and technology — are controversial, and their scale and adoption rate to accomplish those objectives are not guaranteed. Countries can use productivity enhancing digital technologies and increase immigration to stimulate growth, but both tactics can be disruptive. “Indeed, unless there are reforms to the social contract between governments, employers and employees, immigration, technological innovation and other factors can
