Based on World Bank population and economic data for 13 countries, this paper explores how economic growth might be affected by population declines, and whether and how economic growth can be sustained when population decreases. International experience shows that economic development can still be achieved during population decline. Analyses from the perspectives of consumption and production suggest that, overall, the negative impact of population decline on economic growth is mild in the short term but will be larger in the long term. In the future, to better deal with the challenges brought by the population decline, we should develop labor resources, improve the efficiency of factor allocation, promote scientific and technological innovation, take advantage of the large population size and the regional discrepancies in development, explore both international and domestic markets, improve population policies, and support further research on population decline.