This strategy works as long as there are more places (by volume) experiencing growth than decline. Since the trend is slower growth overall, there will be a point where global growth stops, and clearly then the strategy will start to fail.
Frankly, from a planet point of view I'd hope that point comes sooner than later.
This will play out in obvious ways (lifting retirement age etc) but ultimately the quality of life will increase overall until some sort of stable population number emerges.
Economic growth is technologically driven and developed economies are at or already past peak resources consumption.
Economists confuse an increase in the extraction rate as some kind of "creating something from nothing" but actually a better analogy is "traveling to previously unreachable places".