Cover CONTENTS LATVIA'S LABOR MARKET CHALLENGES A. An Overview of Labor Market Developments B. Labor Market Structure C. The Wage-Setting Framework and Impediments to Higher Employment D. Other Impediments to Higher Employment E. Policy Options References DEMOGRAPHIC HEADWINDS TO CONVERGENCE A. Background B. Demographic Trends and Implications for Convergence C. Growth Implications of Demographic Trends D. Labor Market Policies and Per-Capita Income Implications E. Policy Options References FIGURES 1. Snapshot of Recent Convergence and Demographic Developments 2. Fiscal Implications of Demographic Change 3. Labor Force Participation Rates Across Countries and Policy Implications TABLE 1. The Effect of Workforce Composition on Output per Worker and its Channels ADDRESSING PUBLIC EXPENDITURE CHALLENGES A. Introduction B. Public Expenditure by Economic Classification: Overall Trends C. Public Expenditure Functional Classification: Spending vs. Objectives D. Towards an Inclusive and Growth-Enhancing Policy Mix References FIGURES 1. Government Spending Trends 2. Wage Bill Trends 3. Investment and Infrastructure 4. Impact of Boosting Public Investment 5. Poverty and Inequality 6. Social Protection Expenditure 7. Fiscal Redistribution 8. Public Expenditure in Education 9. Education Indicators 10. Health Sector 11. Government Revenue Indicators TABLE 1. Breakdown of Social Spending GDP Share, 2016 APPENDIX I. Modeling the Impact of Permanent Fiscal Reforms.
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