Credit rating agency Moody's predicts that as Western populations age, shrinking workforces and rising costs will place immense pressure on public finances. The EU's population is expected to peak as early as 2029, after which it will begin a long-term, sustained decline. Moody's notes that the fiscal pressure from aging populations will materialize much earlier than the actual population decline. By 2050, the ratio of working-age people to those aged 65 and over in the G7 is projected to fall from the current 3:1 to 2:1, which will further drag down economic growth and public finances, including healthcare systems.