Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Andorra is experiencing one of the fastest aging populations in Europe, with significant fiscal implications for its pension and healthcare systems. Without reforms, public expenditures in these areas are projected to rise significantly by 2050, necessitating comprehensive reforms and proactive immigration policies to maintain macroeconomic stability [6][9][54]. Summary by Sections A. Population Trends in Andorra - Andorra's population is aging rapidly, with life expectancy reaching 84.6 years in 2023 and a fertility rate declining from 1.41 births per woman in 2010 to 0.79 in 2023. The share of the population aged 65 and older is projected to increase from 14 percent in 2020 to 44 percent by 2070, while the total population is expected to shrink by 13 percent [11][16][20]. B. Impact on the Pension System - The pension system operates on a pay-as-you-go basis, with the most recent reform setting the retirement age at 65. The pension fund is projected to run a deficit by 2027, with the reserve fund expected to be depleted by 2043 under a no-policy-change scenario. Pension expenditures are projected to rise from 4.7 percent of GDP in 2022 to about 11.3 percent by 2050 [24][29][31]. C. Impact on the Healthcare System - Andorra's healthcare system is comprehensive and primarily funded through mandatory contributions. Public healthcare expenditures are projected to increase from 5.6 percent of GDP in 2022 to between 7.6 and 7.8 percent by 2050 due to the aging population. The share of the population aged 80 and above is expected to rise significantly, leading to higher healthcare costs [33][42][49]. D. Conclusions and Policy Recommendations - The report emphasizes the urgent need for pension and healthcare reforms to address the fiscal impact of aging. Recommendations include adjusting pension system parameters, linking retirement age to life expectancy, and improving healthcare service efficiency. Active migration policies are also suggested to help maintain the working-age population [54][55][58][60].

Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. May 2025 © 2024 International Monetary Fund GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS' ASSETS IMF POLICY PAPER GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS' ASSETS IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The followi ...

TECHNICAL ASSISTANCE REPORT ST. LUCIA Report on External Sector Statistics Mission (October 28–November 1, 2024) JANUARY 2025 Prepared By Felipe Estacio de Lima Correa MEMBERS Anguilla, Antigua and Barbuda, Aruba, The Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Curaçao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, Sint Maarten, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands PARTNERS Canada, Uni ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The technical assistance mission focused on improving the compilation and dissemination of government finance statistics (GFS) and public sector debt statistics (PSDS) in Brazil, following the methodologies outlined in the Government Finance Statistics Manual 2014 (GFSM 2014) and the Guide on Public Sector Debt Statistics 2011 (PSDSG 2011) [5][12] - A significant achievement was the proposal of a five-year work program aimed at strengthening Brazil's fiscal statistics and transitioning to the use of GFS as the official statistics for policy purposes [7][14] - The mission identified the need for a unified sectorization list of public sector units to address discrepancies in fiscal statistics and improve data consistency [37][39] Summary by Sections Summary of Mission Outcomes and Priority Recommendations - The mission was conducted in response to requests from the Ministry of Finance, Central Bank of Brazil, and the Brazilian Institute of Geography and Statistics, focusing on enhancing fiscal statistics for decision-making [5][12] - Key tasks included reviewing the sectorization of public sector units and ensuring consistency in fiscal statistics [6][13] Detailed Technical Evaluation and Recommendations - The mission noted significant progress in implementing GFSM 2014 since 2007, with ongoing improvements in data sources and compilation techniques [10][20] - Recommendations included developing a five-year work program to enhance GFS and PSDS reliability and quality [15][32] Migration to GFS Statistics for Policy Purposes - A proposed five-year plan aims to transition to GFS for policy purposes, addressing weaknesses in traditional fiscal statistics [23][25] - The mission emphasized the importance of a transparent process for compiling GFS to reassure users of its reliability [28][29] Discrepancies – General Themes - The mission highlighted discrepancies in financing statistics, averaging around 1.1% of GDP from 2017 to 2023, with specific peaks during the COVID pandemic [31][34] - Recommendations included creating key fiscal indicators and improving the coverage of institutional units to reduce discrepancies [32][34] Sectorization of the Public Sector - The lack of a unified sectorization list was identified as a root cause of discrepancies in fiscal statistics [39][40] - The mission recommended maintaining and updating a complete sectorization list to enhance GFS coverage [41][43]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The strong capital spending multiplier in Qatar has diminished as the capital stock has increased, indicating a declining marginal impact of capital spending [5][38] - The report supports Qatar's strategy to transition to a private sector-led growth model, emphasizing the importance of human capital development and broader reforms under the Third National Development Strategy [5][10][40] Summary by Sections Introduction - Qatar's state spending has significantly contributed to the development of its LNG production capacity and infrastructure, driving economic growth and diversification [8] - Major infrastructure projects, including those for the 2022 FIFA World Cup, have been pivotal in boosting the non-hydrocarbon sector's growth over the past decade [8] Estimating Fiscal Multipliers: A GCC Panel Approach - The analysis indicates a strong correlation between government spending and non-hydrocarbon output growth in the GCC, with Qatar showing the most significant correlation [20][21] - The fiscal multiplier for capital spending is estimated to be around 0.9 in the long term, while current spending has a lower multiplier effect [25][27] Estimating Fiscal Multiplier: A Single Country Approach (Qatar) - Recent analyses show that the growth effects of capital spending in Qatar have waned as the infrastructure investment cycle matures, particularly following the World Cup-related investments [36] - The estimated long-run fiscal multiplier for Qatar is close to 1.5 when capital stock levels are not considered, but becomes insignificant when capital stock is high [33] Conclusions and Policy Implications - The report suggests reallocating public spending towards education and human capital development to enhance economic growth, while also focusing on climate sustainability and promoting a knowledge-based economy [39][40] - Efficient public spending is crucial for crowding in private sector investment and facilitating economic diversification [40]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights Korea's position as a global leader in AI adoption, with significant potential for productivity and output enhancement, particularly among larger and more mature firms [5][21][26] - Approximately 50% of jobs in Korea are exposed to AI, with varying levels of complementarity, indicating both opportunities and risks in the labor market [34][36] - Korea's strong innovation and digital infrastructure position it well for AI integration, but there is a need for enhanced labor market flexibility and social safety nets to fully leverage AI's potential [5][75] Summary by Sections A. Introduction - AI is recognized as a transformative force globally, with Korea being a frontrunner in its adoption [13][21] - The aging population in Korea presents challenges that AI could help address, such as labor shortages and productivity slowdowns [16][18] B. AI Adoption - Korea ranks high in AI adoption, with 40% of IT professionals in large enterprises using AI and 48% actively exploring its use [26][29] - The adoption rate is particularly high among larger, younger, and tech-intensive firms, with significant usage in product development and manufacturing [29][32] C. AI and Labor Market - About 50% of jobs in Korea are exposed to AI, with a notable share in high-exposure, high-complementarity occupations [34][36] - Women, younger, and more educated workers are more likely to be in high-exposure roles, indicating both risks and opportunities [38][41] D. AI, Productivity, and Output - AI adoption is projected to lead to significant productivity gains, particularly in scenarios where labor complementarity and overall productivity increase are maximized [56][59] - The impact of AI on firm productivity is more pronounced in larger, mature firms, suggesting a widening productivity gap among firms [67][70] E. AI Preparedness - Korea is well-prepared for AI adoption, surpassing the average of advanced economies in key dimensions such as digital infrastructure and human capital [75][76] - Ongoing policy efforts aim to promote AI adoption while managing risks, including the establishment of a national AI committee and training initiatives for AI professionals [77][80]

Group 1 - The report discusses the legal aspects of token-based Central Bank Digital Currencies (CBDCs), emphasizing their novelty compared to account-based digital currencies [8][18][22] - It highlights that 94% of surveyed central banks are exploring CBDCs, with some already issuing digital currencies [8][9] - The report defines token-based CBDCs as a form of currency issued by central banks, representing a direct legal relationship between the holder and the central bank [10][18][22] Group 2 - The legal nature of token-based CBDCs is crucial for understanding their treatment under property law, which affects ownership rights and transferability [37][38] - The report outlines three potential holding structures for token-based CBDCs: direct control by holders, direct relationship with the central bank, and indirect holding through intermediaries [30][31][32] - It emphasizes the need for a robust legal framework to ensure that token-based CBDCs can function effectively within the monetary system [35][36]

国际货币基金组织 欧洲部门 欧洲的长期支出压力 由Stephanie Eble（负责人）、Alexander Pitt（共同负责人 ）、Irina Bunda（共同负责人）、Oyun Erdene Adilbish、Ni na Budina、Gee Hee Hong、Moheb Malak、Sabiha Mohon a、Alla Myrvoda和Keyra Primus准备 2025 部门文件 国际货币基金组织 欧洲部门 部门论文 欧洲的长期支出压力 由Stephanie Eble（主负责人）、Alexander编制 Pitt (共同领导者), Irina Bunda (共同领导者), Oyun Erdene Adilbish, Nina Budina, Gee Hee Hong, Moheb Malak, 萨比哈·莫霍纳，阿拉·米尔沃达，和凯拉·普里姆斯 版权©2025 国际货币基金组织 出版目录数据 国际货币基金组织 图书馆 作者姓名：Eble, Stephanie，作者。| Pitt, Alexander，作者。| Bunda, Irina，作者。| Adilbish, Oyun Erde ne，作者。 ...

技术援助报告 赞比亚 关于公共部门债务统计数据质量评估任务（2024年 9月30日至10月4日）的报告 2025年3月 安德鲁·基蒂利（任务负责人）戴维·贝利和罗伯特·奥斯迪 由...准备 作者部门： 统计学部 免责声明 本文件内容构成国际货币基金组织（IMF）工作人员向赞比亚当局（"CD受益人"）提供的技术建议。在响 应其技术援助请求的情况下。该文件（全部或部分）或其摘要可由IMF向赞比亚的IMF执行董事、其他IM F执行董事及其工作人员、以及其他CD受益人的机关或机构披露，且在他们的要求下，可向世界银行工作 人员和其他具有合法利益的援助提供者和捐赠者披露，除非CD受益人特别反对此类披露（见 操作指南 ：能力发展信息传播 本报告（全部或部分）的出版或披露，除CD受援国机构或工具、世界银行工作人 员、其他技术援助提供者和对报告有合法兴趣的捐赠者之外，需获得CD受援国和IMF统计部门的明确同 意。" | 附录 24 | | --- | | 附录I. 使命期间会晤的官员 24 附录II. 用户调 | | 查结果 26 附录III. 用于报告PSDS的 | | 标准化债务表格 29 附录IV. 对评估报告的官方回应 ...

货币政策中的保险公司渠道 迪薇雅·克利蒂和阿克沙拉特·V·辛格 WP/25/54 国际货币基金组织工作论文 描述由作者进行的正 在进行中的研究，并发表出来以激发评论和促进讨 论。 国际货币基金组织工作报告中表述的观点属于作者 （们）的个人观点，并不一定代表国际货币基金组 织、其执行董事会或国际货币基金组织管理层的观 点。 摘要： 我们研究了人寿保险公司在传导美国货币政策中的作用。保险公司具有独特的长期负债。我们认为，他 们面临着通过投资长期政府债务来匹配负债期限暴露与通过转向风险较高但期限较短的个人债务来获得更高收益 之间的权衡。我们发现，由于这种权衡，长期无风险利率在塑造保险公司对风险私人债务的需求方面发挥着关键 作用。提高长期无风险利率的紧缩性货币政策冲击会降低保险公司的私人债务需求，提高风险溢价。我们使用细 粒度、高频数据和监管变化来追踪保险公司的投资行为如何将货币政策冲击传递到风险溢价中。 推荐引用： Kirti, Divya, and Akshat V. Singh (2025). "货币政策的保险渠道," 国际货币基金组织工作论文 第25/54号 (华盛顿特区：国际货币基金组织). 2025 MA ...