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"shrinking population" is a correct and usable phrase in written English.
You can use it when describing a decrease in the number of people living in a certain area or country. For example: - "Japan's shrinking population poses a challenge for the country's economy." - "The government is implementing policies to address the issue of the shrinking population in rural areas." - "The city's shrinking population has led to the closure of several schools and businesses."
Exact(54)
The country has an aging, shrinking population.
One is Japan's ageing, shrinking population.
"The shrinking population is the biggest problem.
But that shrinking population is not going quietly.
Shrinking population has meant a shrinking tax base.
An ageing, shrinking population poses problems in other, surprising ways.
A shrinking population means a dwindling domestic market.
An ageing and shrinking population hardly promises a better future.
The shrinking population is due to well-known trends: assimilation, children moving elsewhere, declining birthrate.
Analysts say those goals are unrealistic, however, given Japan's shrinking population and low rate of immigration.
The economic future of a sickly nation with a shrinking population cannot be bright.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com