Answer:
Fourth Stage
Step-by-step explanation:
During the fourth stage of demographic transition, the birth rates with in a population fall below the level of replacement and thus the population of such countries starts shrinking. This was once a common scenario in countries like Japan, Italy and Germany. The economy sees a down fall as the ageing population increases with no replacement of it in near by future.
Mostly the developed nations after the post industrial age are facing this situation.