Choices in the field of pensions are crucial to the lasting consolidation of the public finances in a context in which, by Istat’s estimates, the ratio of the population over 60 to the population of working age will rise from 42 per cent in 2005 to 53 per cent in 2020 and 83 per cent in 2040.
Developments in Economic Activity and Prices  Corporate Sector Business Conditions DI (Tankan)  Exports and Production 120  s.a., CY 2015 = 100  110  Business Fixed Investment (Tankan)  40 DI ("favorable" - "unfavorable"), % points  20  20  15 10  0 100  y/y % chg. Actual Planned investment in current fiscal year as of the June survey of each year  5  -20  0  90  -40 -5  80 Real exports 70  Industrial production  60 CY 06 08 10 12 14 16 18 20  -60  All industries  -80  Accommodations, eating & drinking services Services for individuals  -100 CY 06 08 10 12 14 16 18 20  -10 -15 -20 FY 06 08 10 12 14 16 18 20  Note: In the right-hand chart, figures include software and R&D investments and exclude land purchasing expenses.