On November 15th of 2022, the world population reached 8 billion people. This significant milestone only took 12 years to reach since it previously hit 7 billion people.
China and India have the highest distributions of the global population, with 1.426 billion and 1.417 billion respectively.
The world’s population growth rate is at 0.83% per year, although not all countries have the same growth rate. In some cases, countries are even losing population. Life expectancy is one of the major factors that contribute to population growth. Since 1800, global life expectancy has risen from 29 to 73 years. This increase in life expectancy also leads to a decrease in fertility rate as people are living longer.
The growth of population has an impact on businesses, resulting in slower GDP growth, potential labor shortages, and increasing industry demands. Governments and businesses need to consider population growth and develop strategies to address it.