1、Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.EQUITYRESEARCH|November 19,2024|5:14PMGMTThe Demograph

3、ic Dilemma Aging populations and the Social Investing opportunities from potential solutionsLatest 2024 UN data show that populations are declining faster than initially expected in mature economies around the world and nearly 1/4 of the worlds population already lives in countries with declining po

4、pulations.A resulting Demographic Dilemma a shrinking productive labour pool tasked with supporting an aging population has the potential to impact multiple Sustainable Development Goals and drive a wider opportunity set for Social Investing,particularly in verticals such as education,healthcare,hum

5、an capital,and automation.In this report,we cover investment implications of the global aging trend across maturing economies that could elevate Social Investing opportunities via five potential responses from companies and governments Womenomics,Education,Immigration,Capital Relocation,Automation&A

6、I.Madeline Meyer+44 20 7774-4593 Goldman Sachs InternationalSharon Bell+44 20 7552-1341 Goldman Sachs InternationalShubham Jain+1 332 245-7652 Goldman Sachs India SPLBrian Singer,CFA+1 212 902-8259 Goldman Sachs&Co.LLCEvan Tylenda,CFA+44 20 7774-1153 Goldman Sachs InternationalDerek R.Bingham+1 415