That's a pretty good indication that spending should increase.
Demographics is often said to be a major component. The older a population is, the less spending there tends to be, which tends to impact economic growth, and has a pretty good correlation with (low) interest rates:
Could be a component, just like in Germany. When your central bank rate is zero:
* https://tradingeconomics.com/euro-area/interest-rate
And your borrowing costs are negative going out thirty years:
* https://ca.investing.com/rates-bonds/germany-government-bond...
That's a pretty good indication that spending should increase.
Demographics is often said to be a major component. The older a population is, the less spending there tends to be, which tends to impact economic growth, and has a pretty good correlation with (low) interest rates:
* https://financialpost.com/opinion/the-natural-rate-of-intere...
* PDF: https://www.fraserinstitute.org/sites/default/files/why-are-...