The labour market is strongly segmented, being normally characterized by the coexistence of two forms of deficits: the labour demand deficit (i.e. unemployment) and the labour offer deficit (i.e. vacancy jobs). As these deficits are obvious in the case of some different occupations or of some...

This Staff Discussion Note looks at the stark fiscal challenges posed by the decline and aging of populations between now and 2100. It finds that without reforms, pensions and health spending would rise to 25 percent of GDP by end-century in more developed countries (and 16 percent of GDP in...