The world's population is aging while many countries' birth rates fail to keep up. There are now more people over the age of 65 than there are under the age of five - a dispersion that's never occurred before, according to Deutsche Bank. The data point is part of a broader trend with widespread consequences for productivity, inflation, and global growth, economists say. Fund managers are taking notice of "secular stagnation" conditions often associated with persistent low inflation and low growth, and adjusting their allocations accordingly. The world's population isn't getting any younger. In fact, it's getting much, much older....