The labor supply may experience shortages in coming years as more Baby Boomers retire, according to a study by KPMG. The firm found there is a lack of Generation Y workers to replace those who are expected to retire in the years ahead. That could lead to a lack of consumer spending and a contraction in the tax base.

The retirement of the Baby Boomer generation (born 1946-1961) from the workforce and a lack of Generation Y workers (born 1976-1991) to replace them has already resulted in the contraction of the labor pool in countries such as Japan, with Australia, Canada, China, New Zealand, the United Kingdom, the U.S., much of Western Europe and other nations expected to follow suit in the next decade.

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