EFTA Document EFTA01458970

8 December 2015 World Outlook 2016: Managing with less liquidity We understand why the labor market has been resilient, but we do not have full confidence it will stay so in 2016. The stable labor market reflects three factors. The labor force is shrinking, hence less pressure to supply side. The demand side has been boosted by a robust service sector, which helps to absorb labor from the weak industrial sector. Moreover, the government managed to prevent large scale layoffs so far, despi