How do declining fertility rates generally impact a country's economy?

Declining fertility rates mean that fewer babies are being born in a country, which can have several effects on the economy. When there are fewer young people, the workforce shrinks, leading to potential labor shortages in various industries. This can slow down economic growth because there are not enough workers to meet demand. For example, in a country where fewer people are entering the job market, businesses may struggle to fill positions, which can lead to lower production and reduced profits. Additionally, an aging population may increase the burden on social services and healthcare, as there are more elderly people who need support compared to the younger workers who are contributing to the economy.