Yes, but it's rising in an age where mechanization is on steroids. You can watch the Chinese producers struggle with their highly-efficient factories, to produce smaller numbers of products. It isn't possible. They have to flood the market with produce and destroy their own price point, or just throw half of the production into the furnace.

Same with German cars. Producing all of these cars for fewer and fewer drivers because the world population is still rising, but fewer of them are young or have families. Even building smaller cars won't solve the problem of the lack of drivers. So, it's less about the size of the population and more about the age-distribution through the populace. That's why the growth will suddenly reverse, when the oldest generation dies off en mass.