In the decades since, some East Asian economies have seen sustained growth, especially between the early 1960s and 1990s. The growth of the so-called East Asian Tigers — Hong Kong SAR (China), Singapore, South Korea and Taiwan (China) — was built on astute investments in schooling and training and enhanced by a demographic dividend made possible through falling fertility rates. The demographic dividend meant that when young people became workers they not only had more schooling but they also had fewer dependents to support. But are the gains from demographic change likely to persist in the future? The demographic window of opportunity does not last forever and, in fact, middle-age bulge is rapidly becoming an old-age spread in the region’s more advanced countries, such as Japan.