In the next 30-40 years, past changes in fertility and mortality will lead to a significant increase in the share of the elderly. This study suggests that these demographic trends may lead to a decline in the G-7 private savings rate after 2000, compounding the impact of social expenditure...

This paper considers the implications of the prospective aging of the U.S. population for the social security system and concludes that the large and growing cashflow surpluses of the social security trust funds should be saved to help insulate living stands against this change. A number of...

Traditional fiscal indicators focused on measures of current deficits and debt miss the potentially important implications of current policies for future public finances. This could be problematic, including in the case of Europe, where population aging is expected to pose additional fiscal...

This 2006 Article IV Consultation highlights that Italy’s economy is enjoying a broad-based, if comparatively modest, cyclical upswing. Output is estimated to have grown by 1¾ percent in 2006—the strongest pace since the beginning of the decade. Inflation is close to that of the...

The global crisis had a severe impact on the Italian economy despite elements of strength such as high private savings, low private indebtedness, and a resilient financial system. Executive Directors decided that the public sector wage bill should remain a key element of the consolidation...

The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication...

The staff report for the 2004 Article IV Consultation on the Kingdom of the Netherlands—Netherlands highlights the economic developments and policies. The economy is beginning to emerge from an extended downturn. Meanwhile, against a background of soft labor market conditions and economic...

Domestic demand is expected to remain the engine of growth in France, with net exports playing a minor role in the near term. Risks to the outlook are tilted to the downside. Boosting potential growth requires a comprehensive strategy. The consolidation targets set out in France’s...

This 2007 Article IV Consultation highlights that the favorable economic outcome for Austria is owed to a combination of stability-oriented macropolicies, a range of structural reforms, strong international competitiveness resulting from a social partnership that facilitates wage moderation, and...