Labour supply is set to shrink faster than the
population as a consequence of ageing. This can
be offset by improving employment opportunities
for women and older workers.
Immigration,including the recent inflow of refugees, will also
add to the labour force, but their integration
requires additional efforts and spending which
may exceed the currently available fiscal room.
Some well-being outcomes decline with age, and
therefore better prevention of health risks could
raise income and well-being. Further reforms in
the pension system are needed to ensure its