중동부유럽

The former Yugoslav Republic of (FYR) Macedonia needs to reform its pension system to contain fiscal pressures from the pension system and strengthen system’s equity. By international standards FYR Macedonia pension spending is high (over 10 percent of GDP), which would rise further over the next two decades without reforms. FYR Macedonia’s high pension expenditures emerge mostly from the supplementary ad-hoc indexations and the parametric features of its Pay-as-You-Go (PAYG) pensions. Projections reveal that without the reform the FYR Macedonian pension system will continue to generate a sizable deficit, already at 4 percent of GDP.