"Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."

This year’s report provides the external sector assessment of 30 of the world’s largest economies on the basis of their 2023 data. With tight monetary policy conditions in key advanced economies continuing in 2023, the US dollar remained strong in 2023 and early 2024 by historical standards, while other reserve currency movements have been mixed. Net capital inflows to emerging market and developing economies recovered slightly from the lows experienced in 2022 but remained negative in 2023. Gross inflows and outflows in emerging markets declined, however. Against this background, the global current account balance (defined as the cross-country sum of absolute values of current account) narrowed significantly in 2023, while the excess global current account balance (in excess of the current account norms) has remained broadly unchanged relative to 2022. The report also analyzes the historical pattern in the external sector implications of energy price swings. Energy-importing countries are exposed to adverse effects of negative oil supply shocks but can adopt several policy measures to soften the impact. Possible implications of the clean energy transition and the evolving correlation between the oil price and US dollar are discussed. Lastly, the report contains external sector assessments of individual economies, which are based on a wide range of methods including a multilaterally consistent model of current accounts.

Derived from the renowned multi-volume International Encyclopaedia of Laws, this practical analysis of competition law and its interpretation in Derived from the renowned multi-volume International Encyclopaedia of Laws, this analysis of media law in Brazil surveys the massively altered and enlarged legal landscape traditionally encompassed in laws pertaining to freedom of expression and regulation of communications. Everywhere, a shift from mass media to mass self-communication has put enormous pressure on traditional law models. An introduction describing the main actors and salient aspects of media markets is followed by in-depth analyses of print media, radio and television broadcasting, the Internet, commercial communications, political advertising, concentration in media markets, and media regulation. Among the topics that arise for discussion are privacy, cultural policy, protection of minors, competition policy, access to digital gateways, protection of journalists’ sources, standardization and interoperability, and liability of intermediaries. Relevant case law is considered throughout, as are various ethical codes. A clear, comprehensive overview of media legislation, case law, and doctrine, presented from the practitioner’s point of view, this book is a valuable time-saving resource for all concerned with media and communication freedom. Lawyers representing parties with interests in Brazil will welcome this very useful guide, and academics and researchers will appreciate its value in the study of comparative media law.

The external sector assessments use a wide range of methods, including the External Balance Assessment (EBA) developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (see Annex I of the 2015 External Sector Report, also IMF Working Paper WP/13/272 for a complete description of the EBA methodology). In all cases, the overall assessment is based on the judgment of IMF staff drawing on the inputs provided by these model estimates and other analysis and the estimates are subject to uncertainty. The assessments discuss a broad range of external indicators: the current account, the real effective exchange rate, capital and financial accounts flows and measures, FX intervention and reserves and the foreign asset or liability position. The individual economy assessments are discussed with the respective authorities as a part of bilateral surveillance.

This 2018 Article IV Consultation highlights that a mild recovery supported by accommodative monetary and fiscal policies is currently under way in Brazil. But the economy is underperforming relative to its potential, public debt is high and increasing, and, more importantly, medium-term growth prospects remain uninspiring, absent further reforms. Against the backdrop of tightening global financial conditions, placing Brazil on a path of strong, balanced and durable growth requires a committed pursuit of fiscal consolidation, ambitious structural reforms, and a strengthening of the financial sector architecture. Following the severe recession in 2015-16, real GDP grew by 1 percent in 2017. Growth is projected to be 1.8 and 2.5 percent in 2018 and 2019, respectively, driven by a recovery in domestic consumption and investment.