Tomorrow at Work: The Age of Shortages.

This article examines the issue of labor shortages in various countries, particularly in OECD countries, and how the COVID-19 pandemic has exacerbated this problem. It discusses the factors contributing to labor shortages, such as temporary demand-driven shortages and shifts in the labor force. The article emphasizes the potential impact of labor shortages on global growth, trade, and inflation, especially in developing and emerging countries. It also explores the decline in average hours worked and its implications for labor market adjustment and wage growth. The article suggests that policymakers should focus on mobilizing untapped labor supply, improving skills, and promoting productivity through digital and green transitions. Additionally, it discusses the potential role of artificial intelligence (AI) in addressing labor shortages, but highlights the concentration of market power in the AI industry as a barrier. The article concludes that addressing labor shortages requires a comprehensive approach that considers various factors such as demographics, migration, education, and macroeconomic conditions. [Extracted from the article]