This 2013 Article IV Consultation highlights that Namibia’s real GDP grew by a healthy 5 percent in 2012. Preliminary data for the first half of 2013 suggest that growth has moderated; the slowdown reflects weak global demand for exports, which more than offset the solid growth in the...

This Selected Issues Paper discusses the macroeconomic implications of pension reforms in Brazil. It assesses empirically the relationship between fiscal policy and the real effective exchange rate in emerging markets and draws policy implications. It reviews the current status of local capital...

Japan has a universal public pension system. Social security spending is a key fiscal policy challenge in Japan. The 2004 pension reforms have increased the ratio of the government subsidy to the basic pension benefit. Three reform measures are necessary to improve pension finances: an increase...