April 9, 2018
Wanted: Policies to Encourage and Enable Work in Advanced Economies
Population growth in advanced economies is slowing, life expectancy is rising, and the number of elderly people is soaring. Because older workers participate less in the labor market, the aging of the population could slow growth and, in many cases, threaten the sustainability of social security systems. But, as our research in Chapter 2 of the April 2018 World Economic Outlook shows, there is considerable scope for policies to mitigate the forces of aging by enabling those who are willing to work to do so.
Manufacturing jobs are waning. In many emerging market and developing economies, workers are shifting from agriculture to services, bypassing the manufacturing sector. In advanced economies, the rise in service sector employment typically reflects the outright disappearance of manufacturing jobs. In Chapter 3 of the April 2018 World Economic Outlook, we revisit the evidence supporting those beliefs and find that the declining share of manufacturing jobs need not hurt growth or raise inequality, provided the right policies are in place.
It took 1,000 years for the invention of paper to spread from China to Europe. Nowadays, in a world that has become more integrated, innovations spread faster and through many channels.Our research in Chapter 4 of the April 2018 World Economic Outlook takes a closer look at how technology travels between countries.
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