Global ageing will be a major determinant of long term economic development in industrial and developing countries. The extent of the demographic changes is dramatic and will deeply affect future labour, financial and goods markets. The expected strain on public budgets, and especially social security budgets, has already received much attention, but ageing poses many other economic challenges that could threaten productivity and growth if they remain unaddressed. While ageing is global, there are marked differences in the speed and the extent of the ageing processes across countries. These differences are likely to generate different growth paths and change the international pecking order within the developed countries. Due to the globalization of labour, financial and goods markets, however, these differential demographic developments will also precipitate trade and factor movements. Exploiting these movements offers important opportunities during the ageing process.