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From: Japanese-English Electronic Dictionary 和英電子辞書

 少子高齢化
 しょうしこうれいか
 noun (common) (futsuumeishi)
 see: 少子化
 see: 高齢化
 decreasing birthrate and aging population
 aging population combined with the diminishing number of children
 declining birthrate and a growing proportion of elderly people
 dwindling birthrate and an aging population
 low birthrate and longevity