The chapter provides an overview of the labour market challenges posed by a fast ageing global population. It shows that, while the ratio of potential retirees per person participating in the labour market is expected to increase markedly by 2030, the average age of those in the labour force is also set to gradually increase over the same period. These dynamics pose the dual challenge of keeping retirees out of poverty while promoting decent work outcomes for the growing share of older workers in the labour force. The chapter concludes by highlighting a number of policy options to tackle these challenges.

Against the backdrop of a rather disappointing economic performance in 2016 and the below‐trend outlook for 2017, Chapter 1 assesses the ability of the economy to (i) generate a sufficient number of jobs, (ii) improve the quality of employment for those with a job, and (iii) ensure that the gains of growth are shared in an inclusive manner. The chapter also discusses the policy efforts needed to overcome structural impediments to growth, including inequality.

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This Chapter investigates the long‐term trends in the reallocation of employment across sectors, and assesses their implications for overall working conditions and employment arrangements. Results show that differences in working conditions are sizeable across sectors, so that employment shifts across sectors have the potential to change the quality of employment. However, improvements along this dimension hinge on the assumption that transitioning workers are able to find jobs with better working conditions, which is by no means guaranteed.

This chapter will assess both across and within regions (i) recent economic and labour market developments; and (ii) short‐term employment and social prospects.