According to our calculations, the US will probably be able to grow faster than the Netherlands and Germany in the medium to long term (see table 2). This is due to the effects of an aging population and a lower expected capital contribution. The aging population will especially change the future growth outlook in Germany: this effect will increase to between -0.7 and -0.8 percentage points per year at the end of the next decade (see figure 11).[1] As a result, total annual German economic growth in this period will not be able to exceed 0.4 to 0.6 percent. (full story)