{
  "title": "Policy Challenges of Population Aging in Ireland",
  "publication": "IMF Working Papers, October 1, 2007",
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  "summary": "The projected rise in age-related government spending as a share of GDP in Ireland over the next forty years is among the highest in the euro area. In the absence of reforms, public debt will increase to unsustainable levels.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Authors: Dora M Iakova, Dennis P Botman\n- Publication date: October 1, 2007\n- Series: Working Paper No. 2007/247\n- Pages: 15\n- DOI: https://doi.org/10.5089/9781451868104.001\n- ISBN: 9781451868104\n- ISSN: 1018-5941\n- Subjects: Aging, Expenditure, Pension spending, Pensions, Social security contributions\n- Keywords: debt, GDP, rate, social security contribution rate, spending, WP"
    },
    {
      "heading": "Key findings and projections",
      "content": "- The projected rise in age-related government spending as a share of GDP in Ireland over the next forty years is among the highest in the euro area.\n- In the absence of reforms, public debt will increase to unsustainable levels.\n- The paper uses the IMF's Global Fiscal Model to compare the macroeconomic effects of different fiscal strategies to accommodate the rise in age-related spending.\n- Simulations suggest that adopting a package of measures would be more growth-friendly than relying exclusively on raising the social security contribution rate."
    },
    {
      "heading": "Policy analysis and recommended measures",
      "content": "- Measures evaluated (via simulation):\n  - Increase in the retirement age\n  - Broadening the tax base\n  - Raising indirect taxes\n  - Raising the social security contribution rate (assessed as a less growth-friendly, exclusive strategy)\n- Principal policy recommendation:\n  - Adopt a package of measures including an increase in the retirement age, broadening the tax base, and raising indirect taxes rather than relying exclusively on raising the social security contribution rate."
    },
    {
      "heading": "Implications",
      "content": "- Fiscal strategy matters: a multi-pronged package can better accommodate demographic-driven spending pressures while being more growth-friendly than single-tool approaches focused on social security contribution rate increases.\n- Without policy adjustments, long-term fiscal sustainability is at risk due to rising age-related spending and consequent public debt increases.\n\nIMF Working Paper: \"Policy Challenges of Population Aging in Ireland\", Working Paper No. 2007/247 (Dora M Iakova and Dennis P Botman), October 1, 2007.\n\n---\n\n Content in this bundle\n\n- wp07247\n  - wp07247 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp07247 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/policy-challenges-of-population-aging-in-ireland-21420"
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    "Authors: Dora M Iakova, Dennis P Botman",
    "Published: October 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451868104.001",
    "Authors: Dora M Iakova, Dennis P Botman",
    "Publication date: October 1, 2007",
    "Series: Working Paper No. 2007/247",
    "Pages: 15",
    "DOI: https://doi.org/10.5089/9781451868104.001",
    "ISBN: 9781451868104",
    "ISSN: 1018-5941",
    "Subjects: Aging, Expenditure, Pension spending, Pensions, Social security contributions",
    "Keywords: debt, GDP, rate, social security contribution rate, spending, WP",
    "The projected rise in age-related government spending as a share of GDP in Ireland over the next forty years is among the highest in the euro area.",
    "In the absence of reforms, public debt will increase to unsustainable levels.",
    "The paper uses the IMF's Global Fiscal Model to compare the macroeconomic effects of different fiscal strategies to accommodate the rise in age-related spending.",
    "Simulations suggest that adopting a package of measures would be more growth-friendly than relying exclusively on raising the social security contribution rate.",
    "Measures evaluated (via simulation):",
    "Principal policy recommendation:",
    "Fiscal strategy matters: a multi-pronged package can better accommodate demographic-driven spending pressures while being more growth-friendly than single-tool approaches focused on social security contribution rate increases.",
    "Without policy adjustments, long-term fiscal sustainability is at risk due to rising age-related spending and consequent public debt increases.",
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