[ { "name": "Argentina", "iso": "ARG", "code": "AR", "region": "Americas", "slug": "argentina", "debt": 69.3, "debtHistory": { "2024": 84.6, "2025": 80.1, "2026": 69.3, "2027": 70.4 }, "growth": 2.1, "growthHistory": { "2024": -1.4, "2025": 4.5, "2026": 2.1, "2027": 3.5 }, "inflation": 32.5, "inflationHistory": { "2024": 219.9, "2025": 41.9, "2026": 32.5, "2027": 21.2 }, "unemployment": 7.6, "unemploymentHistory": { "2024": 7.2, "2025": 7.4, "2026": 7.6, "2027": 7.1 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": null, "rateDate": null, "rateDefinition": "From 10 July 2025 onwards: no policy rate adopted; from 22 July 2024 to 9 July 2025: liquidity absorption rate for treasury bills; from 18 December 2023 to 21 July 2024: Overnight Reverse Repos Interest Rate; from 6 January 2022 to 17 December 2023: 28-day Liquidity Bills (LELIQ) interest rate; from 21 January 2020 to 5 January 2022: weighted average interest rate of minimum term LELIQ issued at the last auction process; from 1 October 2018 to 20 January 2020, average interest rate of the accepted offers for the liquidity bills; from 8 August 2018 to 30 September 2018: 7 days liquidity bills interest rate; from 2 January 2017 to 7 August 2018, median of the repo rate corridor; from 16 December 2015 to 1 January 2017: interest rate in BCRA bills (LEBACs), 35 days LEBAC auction; from 29 Jan 2014 to 15 Dec 2015: CB issues, 3 months; from 11 Sep 2009 to 28 Jan 2014:7-day reverse repo operations; before 10 Sep 2009, refer to https://data.bis.org/topics/CBPOL", "rateSource": "Central Bank of Argentina", "rateLabel": "No single policy rate", "rateDisplay": "No single rate", "stability": 68.4476407, "voice": 65.9372814, "effectiveness": 57.9886176, "components": { "Growth": 58.57142857142856, "Public debt": 64.78571428571429, "Price stability": 0, "Employment": 61.66666666666667, "Government effectiveness": 57.9886176 }, "economyScore": 49, "economyLabel": "Strained", "pensionScore": 1.5, "economyNote": "Inflation remains a major weakness despite positive growth. Fiscal adjustment and currency confidence determine whether stabilisation becomes durable.", "pensionNote": "A large financing gap and fragmented pension rules reduce my rating. Inflation also makes the real value of benefits difficult to protect.", "riskNote": "Inflation, pension purchasing power, and fiscal adjustment could generate major demonstrations and violent clashes.", "protest": "High", "riot": "Elevated", "benchmark": { "grade": "D", "score": 43.7 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/argentina", "localPensionUrl": "https://www.elibrary.imf.org/view/journals/002/2026/105/article-A001-en.xml", "localPensionNote": "The 2026 IMF review describes recent pension spending near 8½% of GDP and contributions near 4¼%. The difference is an annual financing gap, not an accrued pension liability." }, { "name": "Australia", "iso": "AUS", "code": "AU", "region": "Asia-Pacific", "slug": "australia", "debt": 52.6, "debtHistory": { "2024": 50.9, "2025": 51.9, "2026": 52.6, "2027": 53.2 }, "growth": 1.9, "growthHistory": { "2024": 1, "2025": 2, "2026": 1.9, "2027": 1.6 }, "inflation": 3.9, "inflationHistory": { "2024": 3.2, "2025": 2.8, "2026": 3.9, "2027": 3.1 }, "unemployment": 4.4, "unemploymentHistory": { "2024": 4, "2025": 4.2, "2026": 4.4, "2027": 4.7 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 4.6, "rateDate": "2026-10-15", "rateDefinition": "From 2 Aug 1990 onwards: cash rate target; from 23 Jan 1990 to 1 Aug 1990: middle of the cash rate target range; from 7 Apr 1976 to 22 Jan 1990: interbank overnight cash rate.", "rateSource": "Reserve Bank of Australia", "rateLabel": "Central bank policy rate", "rateDisplay": "4.60%", "stability": 79.2858305, "voice": 83.7475764, "effectiveness": 88.1874569, "components": { "Growth": 55.714285714285715, "Public debt": 76.71428571428572, "Price stability": 76.25, "Employment": 88.33333333333333, "Government effectiveness": 88.1874569 }, "economyScore": 77, "economyLabel": "Sound", "pensionScore": 5, "economyNote": "Moderate public debt and strong institutions support resilience. Household financing costs and affordability remain important vulnerabilities.", "pensionNote": "Compulsory funded superannuation and a public safety net support the highest rating. Housing and work histories still affect retirement outcomes.", "riskNote": "Housing affordability and public policy disputes could generate demonstrations. Violent disorder is a lower baseline risk.", "protest": "Moderate", "riot": "Low", "benchmark": { "grade": "A", "score": 80.6 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/australia", "localPensionUrl": "https://www.finance.gov.au/government/superannuation/superannuation-costs-and-reports/pss-and-css-long-term-cost-reports", "localPensionNote": "The 2023 PSS/CSS actuarial report projects a peak A$190.5 billion unfunded liability in 2033–34. This covers two closed civilian schemes, not the national pension system." }, { "name": "Austria", "iso": "AUT", "code": "AT", "region": "EU", "slug": "austria", "debt": 82.4, "debtHistory": { "2024": 80, "2025": 81.4, "2026": 82.4, "2027": 82.3 }, "growth": 0.6, "growthHistory": { "2024": -0.7, "2025": 0.8, "2026": 0.6, "2027": 0.9 }, "inflation": 3.1, "inflationHistory": { "2024": 2.9, "2025": 3.6, "2026": 3.1, "2027": 3.3 }, "unemployment": 5.7, "unemploymentHistory": { "2024": 5.2, "2025": 5.7, "2026": 5.7, "2027": 5.6 }, "pensionDebt": 450, "pensionYear": "2021", "pension2021": 450, "pensionFunded": 12, "fundedYear": "2021", "pensionSpending": 15.56, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 74.9152097, "voice": 83.7740372, "effectiveness": 83.9388379, "components": { "Growth": 37.142857142857146, "Public debt": 55.42857142857143, "Price stability": 86.25, "Employment": 77.5, "Government effectiveness": 83.9388379 }, "economyScore": 68, "economyLabel": "Sound", "pensionScore": 2.5, "economyNote": "The economy has a large public debt burden relative to its growth rate. The fiscal position limits room for new spending.", "pensionNote": "The public pension promise is large. I place more weight on future financing pressure than on the current benefit level.", "riskNote": "Budget restraint and pension changes could bring organised demonstrations.", "protest": "Moderate", "riot": "Low", "benchmark": { "grade": "C", "score": 56.9 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/austria", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Belgium", "iso": "BEL", "code": "BE", "region": "EU", "slug": "belgium", "debt": 109.8, "debtHistory": { "2024": 103.9, "2025": 107.9, "2026": 109.8, "2027": 111.6 }, "growth": 0.7, "growthHistory": { "2024": 1.1, "2025": 1, "2026": 0.7, "2027": 1.1 }, "inflation": 3.8, "inflationHistory": { "2024": 4.3, "2025": 3, "2026": 3.8, "2027": 2.9 }, "unemployment": 6.2, "unemploymentHistory": { "2024": 5.7, "2025": 6.2, "2026": 6.2, "2027": 6.1 }, "pensionDebt": 317, "pensionYear": "2021", "pension2021": 317, "pensionFunded": 27, "fundedYear": "2021", "pensionSpending": 13.46, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 68.6350103, "voice": 83.9092316, "effectiveness": 79.3147266, "components": { "Growth": 38.57142857142858, "Public debt": 35.85714285714286, "Price stability": 77.5, "Employment": 73.33333333333334, "Government effectiveness": 79.3147266 }, "economyScore": 61, "economyLabel": "Mixed", "pensionScore": 3.5, "economyNote": "High debt makes fiscal consolidation a central constraint. A broad tax base supports the economy, but does not remove refinancing pressure.", "pensionNote": "Benefits provide substantial income protection. High public obligations and fiscal pressure reduce my assessment of long-term resilience.", "riskNote": "Public spending cuts and pension changes could produce strikes and disruptive demonstrations.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "B", "score": 68.1 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/belgium", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Brazil", "iso": "BRA", "code": "BR", "region": "Americas", "slug": "brazil", "debt": 97, "debtHistory": { "2024": 87, "2025": 93.3, "2026": 97, "2027": 99.3 }, "growth": 2.2, "growthHistory": { "2024": 3.4, "2025": 2.3, "2026": 2.2, "2027": 1.9 }, "inflation": 4.4, "inflationHistory": { "2024": 4.4, "2025": 5, "2026": 4.4, "2027": 4.1 }, "unemployment": 6.2, "unemploymentHistory": { "2024": 6.9, "2025": 6, "2026": 6.2, "2027": 6.8 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 13.75, "rateDate": "2026-10-20", "rateDefinition": "From 5 Mar 1999 onwards Central Bank target, money market (SELIC) overnight rate; from 1 Jul 1996 to 4 Mar 1999: Central Bank official rediscount rate; from 4 Jun 1986 to 30 Jun 1996: official market intervention rate, representative rate.", "rateSource": "Central Bank of Brazil", "rateLabel": "Central bank policy rate", "rateDisplay": "13.75%", "stability": 58.8687136, "voice": 65.473464, "effectiveness": 51.6145142, "components": { "Growth": 60.0, "Public debt": 45.0, "Price stability": 70.0, "Employment": 73.33333333333334, "Government effectiveness": 51.6145142 }, "economyScore": 60, "economyLabel": "Mixed", "pensionScore": 2.5, "economyNote": "High public debt and borrowing costs constrain investment and fiscal flexibility. Positive growth does not remove the need for durable adjustment.", "pensionNote": "Public pension spending is already large relative to output. Demographic pressure and rigid spending commitments reduce my sustainability assessment.", "riskNote": "Political disputes and fiscal choices could mobilise major demonstrations. Local clashes are plausible, with substantial variation across cities.", "protest": "Elevated", "riot": "Elevated", "benchmark": { "grade": "C", "score": 57.0 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/brazil", "localPensionUrl": "https://www.elibrary.imf.org/view/journals/002/2026/191/article-A001-en.xml", "localPensionNote": "The 2026 IMF review places public pension spending at about 13% of GDP. Annual spending cannot be added to the debt stock, and it does not measure an actuarial shortfall." }, { "name": "Bulgaria", "iso": "BGR", "code": "BG", "region": "EU", "slug": "bulgaria", "debt": 32.9, "debtHistory": { "2024": 23.8, "2025": 29.9, "2026": 32.9, "2027": 34.6 }, "growth": 2.6, "growthHistory": { "2024": 3.4, "2025": 3.1, "2026": 2.6, "2027": 2.7 }, "inflation": 4.9, "inflationHistory": { "2024": 2.6, "2025": 3.5, "2026": 4.9, "2027": 4.8 }, "unemployment": 3.4, "unemploymentHistory": { "2024": 4.2, "2025": 3.6, "2026": 3.4, "2027": 3.3 }, "pensionDebt": 196, "pensionYear": "2021", "pension2021": 196, "pensionFunded": 14, "fundedYear": "2021", "pensionSpending": 9.64, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 69.9019128, "voice": 62.6528218, "effectiveness": 54.9137107, "components": { "Growth": 65.71428571428571, "Public debt": 90.78571428571428, "Price stability": 63.74999999999999, "Employment": 96.66666666666667, "Government effectiveness": 54.9137107 }, "economyScore": 74, "economyLabel": "Sound", "pensionScore": 2.5, "economyNote": "The debt ratio provides fiscal room. Income convergence depends on investment, productivity, and effective public administration.", "pensionNote": "Low recorded pension promises do not prove that benefits are adequate. I assess the system as exposed to coverage and demographic pressure.", "riskNote": "Living costs and confidence in public institutions are potential triggers for demonstrations.", "protest": "Elevated", "riot": "Moderate", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/bulgaria", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Canada", "iso": "CAN", "code": "CA", "region": "Americas", "slug": "canada", "debt": 115.6, "debtHistory": { "2024": 110, "2025": 113.6, "2026": 115.6, "2027": 113.4 }, "growth": 1.1, "growthHistory": { "2024": 2, "2025": 1.9, "2026": 1.1, "2027": 1.7 }, "inflation": 2.8, "inflationHistory": { "2024": 2.4, "2025": 2.1, "2026": 2.8, "2027": 2.4 }, "unemployment": 6.5, "unemploymentHistory": { "2024": 6.4, "2025": 6.9, "2026": 6.5, "2027": 6.3 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 2.25, "rateDate": "2026-10-19", "rateDefinition": "From 1 Jun 1994 onwards: Central Bank target, overnight rate; from 27 Jul 1960 to 31 May 1994: official bank rate.", "rateSource": "Bank of Canada", "rateLabel": "Central bank policy rate", "rateDisplay": "2.25%", "stability": 79.7950997, "voice": 85.1591876, "effectiveness": 88.3085218, "components": { "Growth": 44.28571428571429, "Public debt": 31.714285714285715, "Price stability": 90.0, "Employment": 70.83333333333334, "Government effectiveness": 88.3085218 }, "economyScore": 65, "economyLabel": "Sound", "pensionScore": 4, "economyNote": "Gross public debt overstates the burden relative to a measure that deducts public financial assets. Labour-market conditions still need attention.", "pensionNote": "The CPP actuarial review supports long-term financing under its assumptions. This finding does not cover all Canadian pension promises or household adequacy.", "riskNote": "Housing affordability, public services, and policy disputes could generate disruptive demonstrations. Riot risk is lower.", "protest": "Moderate", "riot": "Moderate", "benchmark": { "grade": "B", "score": 70.6 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://www.gov.uk/foreign-travel-advice/canada/safety-and-security", "localPensionUrl": "https://www.osfi-bsif.gc.ca/en/oca/actuarial-reports/actuarial-report-32nd-canada-pension-plan-revised-version", "localPensionNote": "The revised 32nd CPP valuation uses a 31 December 2024 valuation date. The base CPP minimum contribution rate is below its statutory 9.9% rate. This is an open-system funding assessment, not total Canadian pension debt." }, { "name": "China", "iso": "CHN", "code": "CN", "region": "Asia-Pacific", "slug": "china", "debt": 104.4, "debtHistory": { "2024": 90.5, "2025": 98.6, "2026": 104.4, "2027": 109.1 }, "growth": 4.5, "growthHistory": { "2024": 5, "2025": 5, "2026": 4.5, "2027": 4 }, "inflation": 1, "inflationHistory": { "2024": 0.2, "2025": 0, "2026": 1, "2027": 1.4 }, "unemployment": 5.1, "unemploymentHistory": { "2024": 5.1, "2025": 5.1, "2026": 5.1, "2027": 5.1 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 3.0, "rateDate": "2026-10-19", "rateDefinition": "From 20 Aug 2019 onwards: Loan Prime Rate (1 year): from 1 Jan 1996 till 19 Aug 2019: Official lending rate (1 year).", "rateSource": "People's Bank of China", "rateLabel": "1-year LPR benchmark", "rateDisplay": "3.00%", "stability": 66.0017345, "voice": 26.1448836, "effectiveness": 65.1127866, "components": { "Growth": 92.85714285714286, "Public debt": 39.71428571428571, "Price stability": 87.5, "Employment": 82.5, "Government effectiveness": 65.1127866 }, "economyScore": 74, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "Growth remains stronger than in many advanced economies. A high public debt ratio and limited transparency reduce my resilience assessment.", "pensionNote": "Retirement-age reform eases future pressure, but ageing and differences in benefit coverage remain substantial. I assess the system near the middle.", "riskNote": "Property losses, unpaid wages, and local services are potential triggers for local protests. Restrictions and reporting limits reduce confidence in visible-event comparisons.", "protest": "Moderate", "riot": "Moderate", "benchmark": { "grade": "C+", "score": 60.6 }, "confidence": "Low", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/china", "localPensionUrl": "https://www.imf.org/en/publications/wp/issues/2026/02/19/population-aging-and-pension-reforms-in-china-574061", "localPensionNote": "An IMF working-paper model estimates 2050 pension spending at 11.9% of GDP after retirement-age reform, versus 15.3% without it. These are scenario flows, not accrued debt or an official IMF forecast." }, { "name": "Croatia", "iso": "HRV", "code": "HR", "region": "EU", "slug": "croatia", "debt": 56.3, "debtHistory": { "2024": 57.4, "2025": 56.3, "2026": 56.3, "2027": 56.5 }, "growth": 2.2, "growthHistory": { "2024": 3.8, "2025": 3.4, "2026": 2.2, "2027": 2.3 }, "inflation": 4.5, "inflationHistory": { "2024": 4, "2025": 4.4, "2026": 4.5, "2027": 3.3 }, "unemployment": 4.5, "unemploymentHistory": { "2024": 5.3, "2025": 4.5, "2026": 4.5, "2027": 4.6 }, "pensionDebt": 321, "pensionYear": "2021", "pension2021": 321, "pensionFunded": 31, "fundedYear": "2021", "pensionSpending": 9.36, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 77.5943913, "voice": 71.2731022, "effectiveness": 68.1030665, "components": { "Growth": 60.0, "Public debt": 74.07142857142858, "Price stability": 68.75, "Employment": 87.5, "Government effectiveness": 68.1030665 }, "economyScore": 72, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "Growth and the debt path need joint assessment. A small economy has less protection from changes in external demand.", "pensionNote": "The external benchmark supports a middle-to-good assessment. Accrued promises still require a durable contribution base.", "riskNote": "Public pay and pension decisions could generate demonstrations, with limited evidence for widespread violent disorder.", "protest": "Moderate", "riot": "Low", "benchmark": { "grade": "B", "score": 66.1 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/croatia", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Cyprus", "iso": "CYP", "code": "CY", "region": "EU", "slug": "cyprus", "debt": 51.4, "debtHistory": { "2024": 62.8, "2025": 55, "2026": 51.4, "2027": 46.7 }, "growth": 2.9, "growthHistory": { "2024": 3.9, "2025": 3.8, "2026": 2.9, "2027": 3.2 }, "inflation": 3.7, "inflationHistory": { "2024": 2.3, "2025": 0.8, "2026": 3.7, "2027": 1.9 }, "unemployment": 4, "unemploymentHistory": { "2024": 4.8, "2025": 4.4, "2026": 4, "2027": 4.4 }, "pensionDebt": 288, "pensionYear": "2021", "pension2021": 288, "pensionFunded": 15, "fundedYear": "2021", "pensionSpending": 7.56, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 73.3315505, "voice": 74.2331908, "effectiveness": 69.388602, "components": { "Growth": 70.0, "Public debt": 77.57142857142857, "Price stability": 78.75, "Employment": 91.66666666666666, "Government effectiveness": 69.388602 }, "economyScore": 77, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "The public debt ratio requires attention alongside growth. External demand and confidence remain important for a small economy.", "pensionNote": "The recorded pension promise is substantial. My provisional rating reflects the need to finance benefits through an ageing workforce.", "riskNote": "Household costs and public spending decisions are plausible triggers for local demonstrations.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/cyprus", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Czechia", "iso": "CZE", "code": "CZ", "region": "EU", "slug": "czechia", "debt": 45.8, "debtHistory": { "2024": 43.2, "2025": 44.2, "2026": 45.8, "2027": 47.4 }, "growth": 1.8, "growthHistory": { "2024": 1.3, "2025": 2.6, "2026": 1.8, "2027": 1.9 }, "inflation": 2.1, "inflationHistory": { "2024": 2.4, "2025": 2.5, "2026": 2.1, "2027": 2.8 }, "unemployment": 3, "unemploymentHistory": { "2024": 2.6, "2025": 2.8, "2026": 3, "2027": 2.9 }, "pensionDebt": 273, "pensionYear": "2024", "pension2021": 253, "pensionFunded": 7, "fundedYear": "2024", "pensionSpending": 9.03, "spendingYear": "2024", "pensionStatus": null, "rate": 3.75, "rateDate": "2026-10-19", "rateDefinition": "Offficial 2 week repo rate.", "rateSource": "Czech National Bank", "rateLabel": "Central bank policy rate", "rateDisplay": "3.75%", "stability": 83.4914494, "voice": 79.3320206, "effectiveness": 77.7539861, "components": { "Growth": 54.285714285714285, "Public debt": 81.57142857142857, "Price stability": 98.75, "Employment": 100, "Government effectiveness": 77.7539861 }, "economyScore": 82, "economyLabel": "Strong", "pensionScore": 3.5, "economyNote": "Moderate public debt provides more room than in heavily indebted EU economies. Growth and price stability determine near-term strength.", "pensionNote": "Recent pension changes support future financing. I rate the system above the middle, while keeping adequacy and demographic pressure under review.", "riskNote": "Benefit changes and household costs could mobilise demonstrations. The baseline risk of violent disorder is lower.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/czechia", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Denmark", "iso": "DNK", "code": "DK", "region": "EU", "slug": "denmark", "debt": 26.4, "debtHistory": { "2024": 29.9, "2025": 27.4, "2026": 26.4, "2027": 26.4 }, "growth": 3.7, "growthHistory": { "2024": 3.9, "2025": 3.5, "2026": 3.7, "2027": 2 }, "inflation": 1.8, "inflationHistory": { "2024": 1.3, "2025": 1.8, "2026": 1.8, "2027": 2.5 }, "unemployment": 3, "unemploymentHistory": { "2024": 2.9, "2025": 2.9, "2026": 3, "2027": 3.1 }, "pensionDebt": 21, "pensionYear": "2023", "pension2021": 24, "pensionFunded": 55, "fundedYear": "2023", "pensionSpending": 11.38, "spendingYear": "2024", "pensionStatus": null, "rate": 2.1, "rateDate": "2026-10-19", "rateDefinition": "From 1 April 1992 onwards: interest rate of the certificates of deposits; from 2 Jan 1979 to 31 Mar 1992: official discount rate; from 1 Jan 1946 to 1 Jan 1979: discount rate.", "rateSource": "Danmarks Nationalbank", "rateLabel": "Certificates of deposit rate", "rateDisplay": "2.10%", "stability": 79.4730494, "voice": 90.4733465, "effectiveness": 92.4389107, "components": { "Growth": 81.42857142857143, "Public debt": 95.42857142857143, "Price stability": 97.5, "Employment": 100, "Government effectiveness": 92.4389107 }, "economyScore": 93, "economyLabel": "Strong", "pensionScore": 5, "economyNote": "A low debt ratio and strong institutions support resilience. Gross public debt alone does not capture household and external exposures.", "pensionNote": "Funded retirement saving supports resilience. The low Eurostat unfunded figure excludes important tax-financed benefits and is not a full pension cost estimate.", "riskNote": "Public demonstrations remain possible. The fiscal position gives policymakers more room to absorb economic shocks.", "protest": "Low", "riot": "Low", "benchmark": { "grade": "A", "score": 84.1 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/denmark", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Estonia", "iso": "EST", "code": "EE", "region": "EU", "slug": "estonia", "debt": 27.5, "debtHistory": { "2024": 23.5, "2025": 24, "2026": 27.5, "2027": 31.1 }, "growth": 2.1, "growthHistory": { "2024": 0.1, "2025": 1.3, "2026": 2.1, "2027": 2.2 }, "inflation": 3, "inflationHistory": { "2024": 3.7, "2025": 4.8, "2026": 3, "2027": 3.3 }, "unemployment": 6.8, "unemploymentHistory": { "2024": 7.5, "2025": 7.4, "2026": 6.8, "2027": 6.6 }, "pensionDebt": 312, "pensionYear": "2021", "pension2021": 312, "pensionFunded": 0, "fundedYear": "2021", "pensionSpending": 8.67, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 81.1600204, "voice": 82.3846954, "effectiveness": 83.0409345, "components": { "Growth": 58.57142857142856, "Public debt": 94.64285714285714, "Price stability": 87.5, "Employment": 68.33333333333333, "Government effectiveness": 83.0409345 }, "economyScore": 78, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "Low public debt provides room, but weak activity can still reduce household incomes. A small economy remains sensitive to external shocks.", "pensionNote": "Pension adequacy matters alongside formal financing. A modest public debt ratio does not remove the cost of accrued pension promises.", "riskNote": "Living costs and benefit changes could generate demonstrations. External security risks are separate from this domestic unrest assessment.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/estonia", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Finland", "iso": "FIN", "code": "FI", "region": "EU", "slug": "finland", "debt": 90.6, "debtHistory": { "2024": 82.5, "2025": 88.4, "2026": 90.6, "2027": 92.1 }, "growth": 1.7, "growthHistory": { "2024": 1, "2025": 0.8, "2026": 1.7, "2027": 1.4 }, "inflation": 2.4, "inflationHistory": { "2024": 1, "2025": 1.8, "2026": 2.4, "2027": 1.6 }, "unemployment": 10.2, "unemploymentHistory": { "2024": 8.4, "2025": 9.7, "2026": 10.2, "2027": 9.6 }, "pensionDebt": 352, "pensionYear": "2023", "pension2021": 333, "pensionFunded": 3, "fundedYear": "2023", "pensionSpending": 14.46, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 82.3425654, "voice": 88.79309, "effectiveness": 92.0777116, "components": { "Growth": 52.85714285714286, "Public debt": 49.57142857142858, "Price stability": 95.0, "Employment": 40.00000000000001, "Government effectiveness": 92.0777116 }, "economyScore": 66, "economyLabel": "Sound", "pensionScore": 4, "economyNote": "The combination of weak growth, unemployment, and rising debt deserves attention. Strong institutions support adjustment capacity.", "pensionNote": "Pension assets and governance support resilience. Ageing and the scale of future benefits still create financing pressure.", "riskNote": "Fiscal consolidation and changes to employment benefits could produce strikes and demonstrations.", "protest": "Elevated", "riot": "Low", "benchmark": { "grade": "B+", "score": 77.6 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/finland", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "France", "iso": "FRA", "code": "FR", "region": "EU", "slug": "france", "debt": 118.5, "debtHistory": { "2024": 112.6, "2025": 115.5, "2026": 118.5, "2027": 120.4 }, "growth": 0.4, "growthHistory": { "2024": 1.4, "2025": 0.9, "2026": 0.4, "2027": 0.7 }, "inflation": 2.4, "inflationHistory": { "2024": 2.3, "2025": 0.9, "2026": 2.4, "2027": 2.2 }, "unemployment": 8.4, "unemploymentHistory": { "2024": 7.4, "2025": 7.7, "2026": 8.4, "2027": 8.3 }, "pensionDebt": 397, "pensionYear": "2021", "pension2021": 397, "pensionFunded": 0, "fundedYear": "2021", "pensionSpending": 15.06, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 63.9918003, "voice": 78.9876612, "effectiveness": 77.1399234, "components": { "Growth": 34.285714285714285, "Public debt": 29.642857142857142, "Price stability": 95.0, "Employment": 54.99999999999999, "Government effectiveness": 77.1399234 }, "economyScore": 58, "economyLabel": "Mixed", "pensionScore": 3.5, "economyNote": "High debt and limited growth constrain fiscal choices. The economy needs a durable adjustment that preserves investment and employment.", "pensionNote": "Current benefits score better than long-term financing. I lower the rating for fiscal pressure and the political difficulty of reform.", "riskNote": "Official guidance reports recent violent demonstrations. I assess both disruptive mobilisation and local violent disorder as high risks.", "protest": "High", "riot": "High", "benchmark": { "grade": "B", "score": 70.3 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/france", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Germany", "iso": "DEU", "code": "DE", "region": "EU", "slug": "germany", "debt": 64.6, "debtHistory": { "2024": 61.4, "2025": 62.7, "2026": 64.6, "2027": 66.9 }, "growth": 1.3, "growthHistory": { "2024": 0, "2025": 0.2, "2026": 1.3, "2027": 1.1 }, "inflation": 2.7, "inflationHistory": { "2024": 2.5, "2025": 2.3, "2026": 2.7, "2027": 3.1 }, "unemployment": 4, "unemploymentHistory": { "2024": 3.4, "2025": 3.8, "2026": 4, "2027": 3.7 }, "pensionDebt": 320, "pensionYear": "2021", "pension2021": 320, "pensionFunded": 27, "fundedYear": "2021", "pensionSpending": 11.83, "spendingYear": "2024", "pensionStatus": "p", "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 69.2575511, "voice": 86.0285551, "effectiveness": 82.8363275, "components": { "Growth": 47.14285714285714, "Public debt": 68.14285714285715, "Price stability": 91.25, "Employment": 91.66666666666666, "Government effectiveness": 82.8363275 }, "economyScore": 76, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "The debt ratio provides more room than in several large EU peers. The growth outlook remains essential to fiscal and industrial adjustment.", "pensionNote": "Income protection is substantial, but future financing faces demographic pressure. A broad contribution base remains important.", "riskNote": "Public spending decisions and living costs could generate large demonstrations. Violence is a separate and lower risk.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "B", "score": 67.9 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/germany", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Greece", "iso": "GRC", "code": "GR", "region": "EU", "slug": "greece", "debt": 136, "debtHistory": { "2024": 155.4, "2025": 146.6, "2026": 136, "2027": 128.7 }, "growth": 1.8, "growthHistory": { "2024": 2.1, "2025": 2.1, "2026": 1.8, "2027": 1.8 }, "inflation": 4.2, "inflationHistory": { "2024": 3, "2025": 2.9, "2026": 4.2, "2027": 3.6 }, "unemployment": 8, "unemploymentHistory": { "2024": 10.1, "2025": 8.9, "2026": 8, "2027": 7.6 }, "pensionDebt": 403, "pensionYear": "2021", "pension2021": 403, "pensionFunded": 2, "fundedYear": "2021", "pensionSpending": 14.09, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 70.4563011, "voice": 73.5474928, "effectiveness": 58.9302641, "components": { "Growth": 54.285714285714285, "Public debt": 17.142857142857142, "Price stability": 72.5, "Employment": 58.333333333333336, "Government effectiveness": 58.9302641 }, "economyScore": 52, "economyLabel": "Mixed", "pensionScore": 3, "economyNote": "The debt ratio remains a major constraint. Growth, debt maturity, and financing terms matter more than the ratio alone.", "pensionNote": "Accrued pension promises and annual spending are substantial. I rate the system cautiously because future benefits compete with other budget needs.", "riskNote": "Public spending, wages, and pension decisions could cause major demonstrations and occasional violent clashes.", "protest": "Elevated", "riot": "Elevated", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/greece", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Hungary", "iso": "HUN", "code": "HU", "region": "EU", "slug": "hungary", "debt": 78.7, "debtHistory": { "2024": 73.5, "2025": 74.6, "2026": 78.7, "2027": 81.4 }, "growth": 1.9, "growthHistory": { "2024": 0.7, "2025": 0.5, "2026": 1.9, "2027": 2.1 }, "inflation": 1.9, "inflationHistory": { "2024": 3.7, "2025": 4.4, "2026": 1.9, "2027": 2.8 }, "unemployment": 4.5, "unemploymentHistory": { "2024": 4.5, "2025": 4.4, "2026": 4.5, "2027": 4.2 }, "pensionDebt": 332, "pensionYear": "2021", "pension2021": 332, "pensionFunded": 0, "fundedYear": "2021", "pensionSpending": 7.04, "spendingYear": "2024", "pensionStatus": null, "rate": 5.5, "rateDate": "2026-10-14", "rateDefinition": "Official base rate.", "rateSource": "Hungarian National Bank", "rateLabel": "Central bank policy rate", "rateDisplay": "5.50%", "stability": 74.5328027, "voice": 57.0676539, "effectiveness": 61.9620521, "components": { "Growth": 55.714285714285715, "Public debt": 58.07142857142858, "Price stability": 98.75, "Employment": 87.5, "Government effectiveness": 61.9620521 }, "economyScore": 72, "economyLabel": "Sound", "pensionScore": 2.5, "economyNote": "Inflation, financing costs, and governance need attention alongside growth. Moderate headline unemployment does not settle these risks.", "pensionNote": "The state carries a substantial pension promise. Limited diversification of retirement income increases reliance on future public revenues.", "riskNote": "Living costs and public policy disputes could produce large demonstrations. My riot assessment remains lower than the protest assessment.", "protest": "Elevated", "riot": "Moderate", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/hungary", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "India", "iso": "IND", "code": "IN", "region": "Asia-Pacific", "slug": "india", "debt": 83.1, "debtHistory": { "2024": 84.8, "2025": 84.3, "2026": 83.1, "2027": 81.3 }, "growth": 7, "growthHistory": { "2024": 7.2, "2025": 7.8, "2026": 7, "2027": 7 }, "inflation": 5, "inflationHistory": { "2024": 4.6, "2025": 2, "2026": 5, "2027": 4.4 }, "unemployment": 5, "unemploymentHistory": { "2024": 5, "2025": 5, "2026": 5, "2027": 5 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 5.5, "rateDate": "2026-10-19", "rateDefinition": "From 3 Apr 2001 onwards: official repo overnight rate; from 1 Jan 1946 to 2 Apr 2001: oank rate.", "rateSource": "Reserve Bank of India", "rateLabel": "Central bank policy rate", "rateDisplay": "5.50%", "stability": 54.9562467, "voice": 54.9286155, "effectiveness": 62.6217125, "components": { "Growth": 100, "Public debt": 54.92857142857144, "Price stability": 62.5, "Employment": 83.33333333333334, "Government effectiveness": 62.6217125 }, "economyScore": 73, "economyLabel": "Sound", "pensionScore": 1.5, "economyNote": "Rapid growth supports convergence. Public debt, job quality, and institutional capacity still constrain how widely growth improves household welfare.", "pensionNote": "Limited coverage and uneven protection reduce the rating. A young population does not substitute for a broad and adequate retirement system.", "riskNote": "Food costs, employment, and policy disputes could produce disruptive demonstrations and local violent clashes. Risk differs substantially by state.", "protest": "Elevated", "riot": "Elevated", "benchmark": { "grade": "D", "score": 46.8 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/india", "localPensionUrl": "https://www.oecd.org/en/publications/pensions-at-a-glance-2025_e40274c1-en.html", "localPensionNote": "The international pension benchmark shows weak coverage and adequacy. I did not establish a national accrued-to-date liability on the Eurostat basis. Public employee obligations and funded account assets cover different groups." }, { "name": "Ireland", "iso": "IRL", "code": "IE", "region": "EU", "slug": "ireland", "debt": 33.5, "debtHistory": { "2024": 38.4, "2025": 34.8, "2026": 33.5, "2027": 30.8 }, "growth": -1, "growthHistory": { "2024": 3.6, "2025": 8, "2026": -1, "2027": 3.7 }, "inflation": 3.4, "inflationHistory": { "2024": 1.3, "2025": 2.1, "2026": 3.4, "2027": 2.8 }, "unemployment": 5, "unemploymentHistory": { "2024": 4.3, "2025": 4.7, "2026": 5, "2027": 5 }, "pensionDebt": 144, "pensionYear": "2021", "pension2021": 144, "pensionFunded": 27, "fundedYear": "2021", "pensionSpending": 4.04, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 78.7139845, "voice": 87.1271218, "effectiveness": 85.7197988, "components": { "Growth": 14.285714285714285, "Public debt": 90.35714285714286, "Price stability": 82.5, "Employment": 83.33333333333334, "Government effectiveness": 85.7197988 }, "economyScore": 71, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "The reported debt ratio benefits from a large GDP denominator. Multinational activity can obscure the strength of domestic household demand.", "pensionNote": "A low pension-to-GDP figure needs caution because GDP is distorted. Broader retirement saving improves the mix but does not settle adequacy.", "riskNote": "Housing affordability and public services could mobilise demonstrations and occasional local disorder.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "B", "score": 69.7 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/ireland", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Italy", "iso": "ITA", "code": "IT", "region": "EU", "slug": "italy", "debt": 137.9, "debtHistory": { "2024": 134.7, "2025": 137.1, "2026": 137.9, "2027": 137.6 }, "growth": 0.8, "growthHistory": { "2024": 0.8, "2025": 0.5, "2026": 0.8, "2027": 0.6 }, "inflation": 3.3, "inflationHistory": { "2024": 1.1, "2025": 1.6, "2026": 3.3, "2027": 2.8 }, "unemployment": 5.6, "unemploymentHistory": { "2024": 6.6, "2025": 6.1, "2026": 5.6, "2027": 5.8 }, "pensionDebt": 429, "pensionYear": "2021", "pension2021": 429, "pensionFunded": 9, "fundedYear": "2021", "pensionSpending": 15.91, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 73.6111732, "voice": 77.5679882, "effectiveness": 71.2690275, "components": { "Growth": 40.0, "Public debt": 15.785714285714281, "Price stability": 83.75, "Employment": 78.33333333333333, "Government effectiveness": 71.2690275 }, "economyScore": 58, "economyLabel": "Mixed", "pensionScore": 2.5, "economyNote": "A high debt ratio and limited growth leave little margin for adverse financing shocks. Sustained productivity gains would improve the outlook.", "pensionNote": "The system provides substantial promises, but long-term financing is a weakness. I rate sustainability below current income protection.", "riskNote": "Budget restraint, employment, and pension decisions could trigger demonstrations and some violent clashes.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "C", "score": 57.4 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/italy", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Japan", "iso": "JPN", "code": "JP", "region": "Asia-Pacific", "slug": "japan", "debt": 199.4, "debtHistory": { "2024": 213.6, "2025": 204.8, "2026": 199.4, "2027": 196.4 }, "growth": 0.7, "growthHistory": { "2024": 0.1, "2025": 1.2, "2026": 0.7, "2027": 0.7 }, "inflation": 2, "inflationHistory": { "2024": 2.7, "2025": 3.2, "2026": 2, "2027": 2.6 }, "unemployment": 2.5, "unemploymentHistory": { "2024": 2.5, "2025": 2.5, "2026": 2.5, "2027": 2.5 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 1.25, "rateDate": "2026-10-20", "rateDefinition": "From 24 Sep 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 1.25 percent; From 17 Jun 2026 to 23 Sep 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 1.00 percent; From 22 Dec 2025 to 16 Jun 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 0.75 percent; From 27 Jan 2025 to 21 Dec 2025: the BOJ encourages the uncollateralized overnight call rate to remain at around 0.50 percent; From 1 Aug 2024 to 26 Jan 2025: the BOJ encouraged the UOCR to remain at around 0.25% ; From 21 Mar 2024 to 31 July: the BOJ encouraged the UOCR to remain at around 0 to 0.1 %; from 21 Sep 2016 to 20 Mar 2024: the BOJ set the guideline for market operations which specifies a short-term policy interest rate at minus 0.1% and a target level of 10-year JGB yields at around 0%. Short-term policy interest rate; from 4 Apr 2013 to 20 Sep 2016: no policy rate; from 5 Oct 2010 to 3 Apr 2013: the BOJ encouraged the UOCR to remain at around 0 to 0.1%; from 19 Dec 2008 to 4 Oct 2010: the BOJ encouraged the UOCR to remain at around 0. %; from 31 Oct 2008 to 18 Dec 2008: the BOJ encouraged the UOCR to remain at around 0.3%; before 30 Oct 2008, refer to https://data.bis.org/topics/CBPOL", "rateSource": "Bank of Japan", "rateLabel": "Central bank policy rate", "rateDisplay": "1.25%", "stability": 87.6616954, "voice": 78.0407116, "effectiveness": 94.1244393, "components": { "Growth": 38.57142857142858, "Public debt": 0, "Price stability": 100, "Employment": 100, "Government effectiveness": 94.1244393 }, "economyScore": 67, "economyLabel": "Sound", "pensionScore": 2.5, "economyNote": "The debt ratio is exceptionally high, but domestic financing and public assets matter. Low unemployment does not offset weak growth and ageing.", "pensionNote": "Reserves and automatic benefit adjustment support financing. Demographic pressure and future income adequacy reduce my assessment.", "riskNote": "Living costs and policy disputes could produce demonstrations. The baseline risk of violent disorder is low.", "protest": "Low", "riot": "Low", "benchmark": { "grade": "C", "score": 58.0 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/japan", "localPensionUrl": "https://www.mhlw.go.jp/content/2024_Actuarial_Valuation.pdf", "localPensionNote": "The 2024 actuarial review assesses finances through FY2120 and targets a final reserve around one year of benefits. Automatic benefit adjustments help balance resources; this is not a net-debt estimate." }, { "name": "Latvia", "iso": "LVA", "code": "LV", "region": "EU", "slug": "latvia", "debt": 47, "debtHistory": { "2024": 46.2, "2025": 46.9, "2026": 47, "2027": 48.6 }, "growth": 2.3, "growthHistory": { "2024": 0, "2025": 2.1, "2026": 2.3, "2027": 1.8 }, "inflation": 3.6, "inflationHistory": { "2024": 1.3, "2025": 3.8, "2026": 3.6, "2027": 3.9 }, "unemployment": 6.7, "unemploymentHistory": { "2024": 6.9, "2025": 6.9, "2026": 6.7, "2027": 6.5 }, "pensionDebt": 249, "pensionYear": "2023", "pension2021": 237, "pensionFunded": 19, "fundedYear": "2023", "pensionSpending": 9.03, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 79.7839185, "voice": 78.25783, "effectiveness": 69.3141008, "components": { "Growth": 61.42857142857142, "Public debt": 80.71428571428572, "Price stability": 80.0, "Employment": 69.16666666666667, "Government effectiveness": 69.3141008 }, "economyScore": 72, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "Public debt is below that of many EU peers. Growth and the labour supply remain important for future tax revenues.", "pensionNote": "Pension adequacy and demographic change are key concerns. The recorded promise does not represent a net funding shortfall.", "riskNote": "Living costs and public pay could generate demonstrations. The baseline risk of violent disorder is lower.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/latvia", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Lithuania", "iso": "LTU", "code": "LT", "region": "EU", "slug": "lithuania", "debt": 44.7, "debtHistory": { "2024": 38, "2025": 39.5, "2026": 44.7, "2027": 48.3 }, "growth": 2.7, "growthHistory": { "2024": 3, "2025": 2.9, "2026": 2.7, "2027": 2.1 }, "inflation": 5.4, "inflationHistory": { "2024": 0.9, "2025": 3.4, "2026": 5.4, "2027": 3.5 }, "unemployment": 6.8, "unemploymentHistory": { "2024": 7.1, "2025": 6.9, "2026": 6.8, "2027": 6.6 }, "pensionDebt": 358, "pensionYear": "2023", "pension2021": 278, "pensionFunded": 10, "fundedYear": "2023", "pensionSpending": 7.38, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 81.954828, "voice": 79.2891702, "effectiveness": 77.7616475, "components": { "Growth": 67.14285714285715, "Public debt": 82.35714285714285, "Price stability": 57.49999999999999, "Employment": 68.33333333333333, "Government effectiveness": 77.7616475 }, "economyScore": 71, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "The growth outlook and debt path need joint assessment. Stronger labour income would support domestic demand and tax revenues.", "pensionNote": "Future benefit adequacy remains important even where financing is controlled. My assessment also reflects the size of accrued public promises.", "riskNote": "Pension saving changes and household costs could prompt demonstrations. Widespread violent disorder is a lower baseline risk.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/lithuania", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Luxembourg", "iso": "LUX", "code": "LU", "region": "EU", "slug": "luxembourg", "debt": 28.5, "debtHistory": { "2024": 26.3, "2025": 26.5, "2026": 28.5, "2027": 30 }, "growth": 1.1, "growthHistory": { "2024": 0.4, "2025": 0.6, "2026": 1.1, "2027": 1.6 }, "inflation": 3, "inflationHistory": { "2024": 2.3, "2025": 2.5, "2026": 3, "2027": 2.6 }, "unemployment": 6.4, "unemploymentHistory": { "2024": 5.7, "2025": 6, "2026": 6.4, "2027": 6.5 }, "pensionDebt": 351, "pensionYear": "2021", "pension2021": 351, "pensionFunded": 7, "fundedYear": "2021", "pensionSpending": 10.39, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 86.5099622, "voice": 87.09239, "effectiveness": 92.8139466, "components": { "Growth": 44.28571428571429, "Public debt": 93.92857142857143, "Price stability": 87.5, "Employment": 71.66666666666667, "Government effectiveness": 92.8139466 }, "economyScore": 78, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "A low debt ratio provides room. GDP and financial-sector activity require caution when assessing the position of resident households.", "pensionNote": "Current promises are large relative to output. Cross-border workers and future contributor growth complicate a simple sustainability comparison.", "riskNote": "Public demonstrations are possible, but the fiscal position gives more room to manage economic grievances.", "protest": "Low", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/luxembourg", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Malta", "iso": "MLT", "code": "MT", "region": "EU", "slug": "malta", "debt": 46.4, "debtHistory": { "2024": 46, "2025": 46.2, "2026": 46.4, "2027": 46.4 }, "growth": 4.2, "growthHistory": { "2024": 5.3, "2025": 4.7, "2026": 4.2, "2027": 4 }, "inflation": 2.4, "inflationHistory": { "2024": 2.4, "2025": 2.4, "2026": 2.4, "2027": 2.2 }, "unemployment": 3, "unemploymentHistory": { "2024": 3.2, "2025": 3, "2026": 3, "2027": 3 }, "pensionDebt": 225, "pensionYear": "2021", "pension2021": 225, "pensionFunded": 0, "fundedYear": "2021", "pensionSpending": 5.08, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 83.7621374, "voice": 75.6989899, "effectiveness": 67.9611299, "components": { "Growth": 88.57142857142858, "Public debt": 81.14285714285714, "Price stability": 95.0, "Employment": 100, "Government effectiveness": 67.9611299 }, "economyScore": 87, "economyLabel": "Strong", "pensionScore": 3, "economyNote": "Growth and a moderate debt burden support fiscal capacity. A small economy has greater exposure to changes in external demand.", "pensionNote": "The public promise needs a durable tax and contribution base. My provisional rating gives equal attention to adequacy and financing.", "riskNote": "Public services and governance disputes could produce demonstrations. Violent disorder remains a lower baseline risk.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/malta", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Mexico", "iso": "MEX", "code": "MX", "region": "Americas", "slug": "mexico", "debt": 62.1, "debtHistory": { "2024": 59, "2025": 61.7, "2026": 62.1, "2027": 62.9 }, "growth": 1.5, "growthHistory": { "2024": 1.5, "2025": 0.5, "2026": 1.5, "2027": 1.8 }, "inflation": 3.8, "inflationHistory": { "2024": 4.7, "2025": 3.8, "2026": 3.8, "2027": 3.6 }, "unemployment": 2.8, "unemploymentHistory": { "2024": 2.7, "2025": 2.6, "2026": 2.8, "2027": 2.8 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 6.5, "rateDate": "2026-10-20", "rateDefinition": "From 21 Jan 2008 onwards: Central Bank target, money-market overnight rate; from 3 Nov 1998 to 20 Jan 2008: bank funding rate.", "rateSource": "Bank of Mexico", "rateLabel": "Central bank policy rate", "rateDisplay": "6.50%", "stability": 54.9513053, "voice": 52.5456785, "effectiveness": 48.6455788, "components": { "Growth": 50.0, "Public debt": 69.92857142857143, "Price stability": 77.5, "Employment": 100, "Government effectiveness": 48.6455788 }, "economyScore": 69, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "A moderate debt burden provides some room, but weak growth limits gains. Low unemployment does not capture informal work or insecurity.", "pensionNote": "Funded accounts improve the mix, but coverage and public top-up costs remain important. Pension assets are not a measure of pension debt.", "riskNote": "Public services, insecurity, and policy disputes could produce demonstrations and local clashes. Organised crime is separate from riot risk.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "B", "score": 71.2 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/mexico", "localPensionUrl": "https://www.gob.mx/shcp/prensa/nota-informativa-425552?idiom=es-MX", "localPensionNote": "The finance ministry reports Afore assets of 24% of GDP in May 2026. These assets are retirement saving, not pension debt; liabilities require separate scheme and funding assumptions." }, { "name": "Netherlands", "iso": "NLD", "code": "NL", "region": "EU", "slug": "netherlands", "debt": 45.4, "debtHistory": { "2024": 44, "2025": 44.7, "2026": 45.4, "2027": 45.7 }, "growth": 1.5, "growthHistory": { "2024": 1.1, "2025": 1.6, "2026": 1.5, "2027": 1.3 }, "inflation": 2.9, "inflationHistory": { "2024": 3.2, "2025": 3, "2026": 2.9, "2027": 2.8 }, "unemployment": 4, "unemploymentHistory": { "2024": 3.7, "2025": 3.9, "2026": 4, "2027": 4.1 }, "pensionDebt": 210, "pensionYear": "2021", "pension2021": 210, "pensionFunded": 203, "fundedYear": "2021", "pensionSpending": 11.18, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 74.9740735, "voice": 86.8438467, "effectiveness": 87.9627211, "components": { "Growth": 50.0, "Public debt": 81.85714285714285, "Price stability": 88.75, "Employment": 91.66666666666666, "Government effectiveness": 87.9627211 }, "economyScore": 80, "economyLabel": "Strong", "pensionScore": 5, "economyNote": "Moderate public debt and strong institutions support resilience. Household affordability can still weaken confidence during a growing economy.", "pensionNote": "A large funded pension sector and the external benchmark support the highest rating. Investment and transition risks still affect individual outcomes.", "riskNote": "Housing, environmental policy, and sector-specific reforms could produce disruptive demonstrations and occasional clashes.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "A", "score": 85.8 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/netherlands", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "New Zealand", "iso": "NZL", "code": "NZ", "region": "Asia-Pacific", "slug": "new-zealand", "debt": 57.1, "debtHistory": { "2024": 51.4, "2025": 54.7, "2026": 57.1, "2027": 58 }, "growth": 2, "growthHistory": { "2024": -0.3, "2025": 0.3, "2026": 2, "2027": 2.6 }, "inflation": 4.1, "inflationHistory": { "2024": 2.9, "2025": 2.8, "2026": 4.1, "2027": 2.8 }, "unemployment": 5.4, "unemploymentHistory": { "2024": 4.8, "2025": 5.3, "2026": 5.4, "2027": 5.1 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 2.75, "rateDate": "2026-10-16", "rateDefinition": "From 17 Mar 1999 onwards: Official market intervention representative rate, official cash rate; from Jan 1985 to 16 Mar 1999: overnight cash rate.", "rateSource": "Reserve Bank of New Zealand", "rateLabel": "Central bank policy rate", "rateDisplay": "2.75%", "stability": 86.3113711, "voice": 87.2679243, "effectiveness": 90.676349, "components": { "Growth": 57.14285714285714, "Public debt": 73.5, "Price stability": 73.75, "Employment": 80.0, "Government effectiveness": 90.676349 }, "economyScore": 75, "economyLabel": "Sound", "pensionScore": 4, "economyNote": "Public debt and a recovering economy need joint assessment. Household financing costs and a small domestic market can amplify external shocks.", "pensionNote": "The public pension and KiwiSaver provide complementary income sources. Ageing raises the future tax cost of the public pension.", "riskNote": "Public services, living costs, and policy disputes could generate demonstrations. Violent disorder is a lower baseline risk.", "protest": "Moderate", "riot": "Low", "benchmark": { "grade": "B", "score": 71.4 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/new-zealand", "localPensionUrl": "https://www.elibrary.imf.org/view/journals/002/2026/230/article-A001-en.xml", "localPensionNote": "The 2026 IMF review describes public pension spending rising from around 5% of GDP toward 8% by 2065 under unchanged settings. This is a spending projection, not pension debt." }, { "name": "Norway", "iso": "NOR", "code": "NO", "region": "Other Europe", "slug": "norway", "debt": 40, "debtHistory": { "2024": 52.8, "2025": 54, "2026": 40, "2027": 40 }, "growth": 1.5, "growthHistory": { "2024": 1.4, "2025": 1.1, "2026": 1.5, "2027": 1.3 }, "inflation": 3.2, "inflationHistory": { "2024": 3.2, "2025": 3, "2026": 3.2, "2027": 2.8 }, "unemployment": 4.6, "unemploymentHistory": { "2024": 4, "2025": 4.5, "2026": 4.6, "2027": 4.3 }, "pensionDebt": 264, "pensionYear": "2021", "pension2021": 264, "pensionFunded": 41, "fundedYear": "2021", "pensionSpending": 9.85, "spendingYear": "2024", "pensionStatus": null, "rate": 4.5, "rateDate": "2026-10-13", "rateDefinition": "From 11 Jun 1993 onwards: official deposit facility rate; from 3 Mar 1986 to 10 Jun 1993 official credit facility rate.", "rateSource": "Norges Bank", "rateLabel": "Central bank policy rate", "rateDisplay": "4.50%", "stability": 84.518665, "voice": 91.2057873, "effectiveness": 90.0020577, "components": { "Growth": 50.0, "Public debt": 85.71428571428571, "Price stability": 85.0, "Employment": 86.66666666666667, "Government effectiveness": 90.0020577 }, "economyScore": 79, "economyLabel": "Sound", "pensionScore": 4.5, "economyNote": "Gross debt understates fiscal strength because it excludes large public financial assets. Energy revenues also make headline growth less representative.", "pensionNote": "Public financial assets support capacity to pay, but are not a dedicated offset against every pension promise. The system remains exposed to ageing.", "riskNote": "Public demonstrations are possible. Fiscal resources provide substantial room to manage economic pressure.", "protest": "Low", "riot": "Low", "benchmark": { "grade": "B+", "score": 77.0 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/norway", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Poland", "iso": "POL", "code": "PL", "region": "EU", "slug": "poland", "debt": 66.6, "debtHistory": { "2024": 54.8, "2025": 59.7, "2026": 66.6, "2027": 70.7 }, "growth": 3.4, "growthHistory": { "2024": 3.2, "2025": 3.7, "2026": 3.4, "2027": 2.5 }, "inflation": 3.2, "inflationHistory": { "2024": 3.6, "2025": 3.6, "2026": 3.2, "2027": 2.8 }, "unemployment": 3.2, "unemploymentHistory": { "2024": 2.9, "2025": 3.1, "2026": 3.2, "2027": 3.2 }, "pensionDebt": 292, "pensionYear": "2021", "pension2021": 292, "pensionFunded": 8, "fundedYear": "2021", "pensionSpending": 11.61, "spendingYear": "2024", "pensionStatus": null, "rate": 3.75, "rateDate": "2026-10-20", "rateDefinition": "From 26 Feb 1998 onwards: official 7 day central bank bill yield; from 1 Jan 1993 to 25 Feb 1998: Lombard rate.", "rateSource": "National Bank of Poland", "rateLabel": "Central bank policy rate", "rateDisplay": "3.75%", "stability": 77.7646763, "voice": 72.7470787, "effectiveness": 68.6422351, "components": { "Growth": 77.14285714285715, "Public debt": 66.71428571428571, "Price stability": 85.0, "Employment": 98.33333333333334, "Government effectiveness": 68.6422351 }, "economyScore": 79, "economyLabel": "Sound", "pensionScore": 2.5, "economyNote": "Growth supports convergence, but the debt path needs attention. Higher financing costs can reduce room for investment and social spending.", "pensionNote": "The external benchmark suggests material weaknesses. Benefit adequacy and an ageing contributor base reduce my long-term rating.", "riskNote": "Public policy disputes, household costs, and pension decisions could mobilise large demonstrations.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "C", "score": 58.4 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/poland", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Portugal", "iso": "PRT", "code": "PT", "region": "EU", "slug": "portugal", "debt": 85.1, "debtHistory": { "2024": 93.5, "2025": 89.7, "2026": 85.1, "2027": 81 }, "growth": 2.1, "growthHistory": { "2024": 2.2, "2025": 1.9, "2026": 2.1, "2027": 1.9 }, "inflation": 3.2, "inflationHistory": { "2024": 2.7, "2025": 2.2, "2026": 3.2, "2027": 3 }, "unemployment": 5.9, "unemploymentHistory": { "2024": 6.5, "2025": 6, "2026": 5.9, "2027": 5.9 }, "pensionDebt": 373, "pensionYear": "2021", "pension2021": 373, "pensionFunded": 11, "fundedYear": "2021", "pensionSpending": 13, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 77.9089892, "voice": 81.0584932, "effectiveness": 73.2612109, "components": { "Growth": 58.57142857142856, "Public debt": 53.5, "Price stability": 85.0, "Employment": 75.83333333333333, "Government effectiveness": 73.2612109 }, "economyScore": 69, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "The debt burden needs continued discipline even when growth is positive. Labour income and investment determine the durability of improvement.", "pensionNote": "Current income protection is stronger than the long-term financing picture. Demographic pressure limits my rating.", "riskNote": "Housing affordability and public pay could trigger demonstrations and strikes. Riot risk is lower.", "protest": "Elevated", "riot": "Low", "benchmark": { "grade": "B", "score": 67.3 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/portugal", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Romania", "iso": "ROU", "code": "RO", "region": "EU", "slug": "romania", "debt": 62.6, "debtHistory": { "2024": 57.5, "2025": 60.4, "2026": 62.6, "2027": 64.9 }, "growth": -0.5, "growthHistory": { "2024": 0.9, "2025": 0.7, "2026": -0.5, "2027": 2.2 }, "inflation": 8.2, "inflationHistory": { "2024": 5.6, "2025": 7.3, "2026": 8.2, "2027": 4.1 }, "unemployment": 6.5, "unemploymentHistory": { "2024": 5.4, "2025": 6.1, "2026": 6.5, "2027": 5.9 }, "pensionDebt": 377, "pensionYear": "2021", "pension2021": 377, "pensionFunded": 7, "fundedYear": "2021", "pensionSpending": 9.09, "spendingYear": "2024", "pensionStatus": null, "rate": 6.5, "rateDate": "2026-10-20", "rateDefinition": "Official policy rate.", "rateSource": "National Bank of Romania ", "rateLabel": "Central bank policy rate", "rateDisplay": "6.50%", "stability": 69.2313267, "voice": 65.812918, "effectiveness": 59.935844, "components": { "Growth": 21.428571428571427, "Public debt": 69.57142857142857, "Price stability": 22.500000000000014, "Employment": 70.83333333333334, "Government effectiveness": 59.935844 }, "economyScore": 49, "economyLabel": "Strained", "pensionScore": 2.5, "economyNote": "Inflation and the debt path can restrict fiscal choices. Economic adjustment needs to protect employment and productive investment.", "pensionNote": "Large accrued promises require future financing. I rate the system cautiously because benefits compete with other public spending needs.", "riskNote": "Fiscal adjustment, tax changes, and confidence in institutions could generate large demonstrations and local clashes.", "protest": "Elevated", "riot": "Moderate", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/romania", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Russia", "iso": "RUS", "code": "RU", "region": "Other Europe", "slug": "russia", "debt": 19.3, "debtHistory": { "2024": 14.8, "2025": 16.6, "2026": 19.3, "2027": 22.2 }, "growth": 0.9, "growthHistory": { "2024": 4.9, "2025": 1, "2026": 0.9, "2027": 0.9 }, "inflation": 6.1, "inflationHistory": { "2024": 8.4, "2025": 8.7, "2026": 6.1, "2027": 4.8 }, "unemployment": 2.2, "unemploymentHistory": { "2024": 2.5, "2025": 2.2, "2026": 2.2, "2027": 2.4 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 14.0, "rateDate": "2026-10-20", "rateDefinition": "From 13 Sept 2013 onwards: official key rate; from 1 Jan 1992 to 12 Sep 2013: official refinancing rate.", "rateSource": "Bank of Russia", "rateLabel": "Central bank policy rate", "rateDisplay": "14.00%", "stability": 49.0497456, "voice": 31.2930197, "effectiveness": 42.0947628, "components": { "Growth": 41.42857142857142, "Public debt": 100, "Price stability": 48.75000000000001, "Employment": 100, "Government effectiveness": 42.0947628 }, "economyScore": 66, "economyLabel": "Sound", "pensionScore": 2, "economyNote": "Low reported debt does not remove war, sanctions, inflation, or information risks. Reported unemployment is an incomplete measure of economic health.", "pensionNote": "The system relies heavily on public revenues. I assign a provisional low rating because financing, real benefit values, and data comparability remain concerns.", "riskNote": "Restrictions can suppress visible demonstrations without removing grievances. Mobilisation and income shocks are potential triggers; confidence in the assessment is low.", "protest": "Moderate", "riot": "Moderate", "benchmark": null, "confidence": "Low", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/russia", "localPensionUrl": "https://sfr.gov.ru/press_center/annual_report/", "localPensionNote": "The Social Fund publishes annual budget and operating reports. I did not establish a comparable national accrued-to-date pension liability from this reporting." }, { "name": "Slovakia", "iso": "SVK", "code": "SK", "region": "EU", "slug": "slovakia", "debt": 62.2, "debtHistory": { "2024": 59.7, "2025": 61.4, "2026": 62.2, "2027": 64.6 }, "growth": 0.8, "growthHistory": { "2024": 1.9, "2025": 0.8, "2026": 0.8, "2027": 1.6 }, "inflation": 3.6, "inflationHistory": { "2024": 3.2, "2025": 4.2, "2026": 3.6, "2027": 3.5 }, "unemployment": 5.8, "unemploymentHistory": { "2024": 5.3, "2025": 5.4, "2026": 5.8, "2027": 5.7 }, "pensionDebt": 228, "pensionYear": "2021", "pension2021": 228, "pensionFunded": 11, "fundedYear": "2021", "pensionSpending": 9.45, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 77.2867463, "voice": 73.2843033, "effectiveness": 64.2536628, "components": { "Growth": 40.0, "Public debt": 69.85714285714285, "Price stability": 80.0, "Employment": 76.66666666666666, "Government effectiveness": 64.2536628 }, "economyScore": 66, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "Debt and growth need joint assessment. Weak activity would make fiscal consolidation more difficult.", "pensionNote": "The pension promise is significant despite being below some EU peers. My provisional rating reflects continuing demographic and fiscal pressure.", "riskNote": "Fiscal adjustment and political disputes could produce major demonstrations. Violent disorder remains a lower risk.", "protest": "Elevated", "riot": "Moderate", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/slovakia", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Slovenia", "iso": "SVN", "code": "SI", "region": "EU", "slug": "slovenia", "debt": 63.5, "debtHistory": { "2024": 66.3, "2025": 65.1, "2026": 63.5, "2027": 64 }, "growth": 3.2, "growthHistory": { "2024": 2, "2025": 1.5, "2026": 3.2, "2027": 2.2 }, "inflation": 3.5, "inflationHistory": { "2024": 2, "2025": 2.5, "2026": 3.5, "2027": 2.5 }, "unemployment": 3.9, "unemploymentHistory": { "2024": 3.7, "2025": 3.9, "2026": 3.9, "2027": 4 }, "pensionDebt": 389, "pensionYear": "2021", "pension2021": 389, "pensionFunded": 9, "fundedYear": "2021", "pensionSpending": 9.99, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 80.9754001, "voice": 77.8338222, "effectiveness": 74.9378971, "components": { "Growth": 74.28571428571429, "Public debt": 68.92857142857143, "Price stability": 81.25, "Employment": 92.5, "Government effectiveness": 74.9378971 }, "economyScore": 78, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "The debt ratio leaves less room than in low-debt EU peers. Sustained growth would support public finances and household incomes.", "pensionNote": "Recent pension reform supports future financing. Substantial accrued promises still require a durable contribution base.", "riskNote": "Public pay, benefit changes, and fiscal adjustment could generate demonstrations. Widespread violent disorder is a lower baseline risk.", "protest": "Moderate", "riot": "Low", "benchmark": null, "confidence": "Medium", "pensionConfidence": "Low / provisional", "advisoryUrl": "https://travel.gc.ca/destinations/slovenia", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "South Korea", "iso": "KOR", "code": "KR", "region": "Asia-Pacific", "slug": "south-korea", "debt": 47.3, "debtHistory": { "2024": 49.6, "2025": 52.4, "2026": 47.3, "2027": 46.2 }, "growth": 3.3, "growthHistory": { "2024": 2.2, "2025": 1.1, "2026": 3.3, "2027": 2.8 }, "inflation": 2.7, "inflationHistory": { "2024": 2.3, "2025": 2.1, "2026": 2.7, "2027": 2.3 }, "unemployment": 2.8, "unemploymentHistory": { "2024": 2.8, "2025": 2.8, "2026": 2.8, "2027": 2.9 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 3.0, "rateDate": "2026-10-08", "rateDefinition": "From 7 Mar 2008 onwards: Bank of Korea base rate; from 6 May 1999 to 6 Mar 2008: target overnight call rate(base rate). ", "rateSource": "Bank of Korea", "rateLabel": "Central bank policy rate", "rateDisplay": "3.00%", "stability": 81.6826033, "voice": 73.7907215, "effectiveness": 83.1058196, "components": { "Growth": 75.71428571428571, "Public debt": 80.5, "Price stability": 91.25, "Employment": 100, "Government effectiveness": 83.1058196 }, "economyScore": 86, "economyLabel": "Strong", "pensionScore": 2.5, "economyNote": "A moderate debt ratio supports fiscal capacity. Growth, export demand, and household balance sheets still require attention.", "pensionNote": "Recent reform improves financing, but rapid ageing and benefit adequacy remain weaknesses. Fund depletion estimates depend on assumptions and policy settings.", "riskNote": "Official guidance describes demonstrations as common. I assess mobilisation risk as high, with a lower risk of violent escalation.", "protest": "High", "riot": "Moderate", "benchmark": { "grade": "C", "score": 56.4 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/south-korea", "localPensionUrl": "https://www.nps.or.kr/pnsinfo/ntpsklg/getOHAF0103M0.do", "localPensionNote": "The National Pension Service projects fund depletion in 2064 after the 2025 reform, under its baseline return assumption. Alternative assumptions produce different dates; depletion is not a cancellation of pensions." }, { "name": "Spain", "iso": "ESP", "code": "ES", "region": "EU", "slug": "spain", "debt": 97.6, "debtHistory": { "2024": 101.4, "2025": 100.5, "2026": 97.6, "2027": 95.2 }, "growth": 2.5, "growthHistory": { "2024": 3.7, "2025": 2.6, "2026": 2.5, "2027": 1.8 }, "inflation": 3.7, "inflationHistory": { "2024": 2.9, "2025": 2.7, "2026": 3.7, "2027": 2.7 }, "unemployment": 9.8, "unemploymentHistory": { "2024": 11.3, "2025": 10.5, "2026": 9.8, "2027": 9.8 }, "pensionDebt": 496, "pensionYear": "2021", "pension2021": 496, "pensionFunded": 5, "fundedYear": "2021", "pensionSpending": 13.23, "spendingYear": "2024", "pensionStatus": null, "rate": 2.5, "rateDate": "2026-10-20", "rateDefinition": "From 18 Sep 2024 onwards: official central bank steering rate is the deposit facility rate, fixed rate; from 15 Oct 2008 to 17 Sep 2024: official central bank liquidity providing, main refinancing operations, fixed rate; from 28 Jun 2000 to 14 Oct 2008: official central bank liquidity providing, main refinancing operations, minimum bid rate; from 5 Jan 1999 to 27 Jun 2000: official central bank liquidity providing, main refinancing operations, fixed rate.", "rateSource": "European Central Bank", "rateLabel": "ECB deposit facility", "rateDisplay": "2.50%", "stability": 68.7326903, "voice": 78.2246765, "effectiveness": 75.476296, "components": { "Growth": 64.28571428571429, "Public debt": 44.57142857142857, "Price stability": 78.75, "Employment": 43.33333333333333, "Government effectiveness": 75.476296 }, "economyScore": 61, "economyLabel": "Mixed", "pensionScore": 3, "economyNote": "High unemployment remains a weakness alongside a large debt burden. Positive growth alone does not remove labour-market exclusion.", "pensionNote": "Large pension promises and long-term financing pressure reduce my rating. Current benefit adequacy is stronger than sustainability.", "riskNote": "Housing costs, labour conditions, and public policy disputes could generate major demonstrations and local clashes.", "protest": "Elevated", "riot": "Moderate", "benchmark": { "grade": "C+", "score": 63.3 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/spain", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "Sweden", "iso": "SWE", "code": "SE", "region": "EU", "slug": "sweden", "debt": 35.1, "debtHistory": { "2024": 33.9, "2025": 34.5, "2026": 35.1, "2027": 35.5 }, "growth": 2.5, "growthHistory": { "2024": 2, "2025": 1.4, "2026": 2.5, "2027": 2.2 }, "inflation": 1.1, "inflationHistory": { "2024": 2, "2025": 2.6, "2026": 1.1, "2027": 1.9 }, "unemployment": 8.5, "unemploymentHistory": { "2024": 8.4, "2025": 8.9, "2026": 8.5, "2027": 8.1 }, "pensionDebt": 192, "pensionYear": "2021", "pension2021": 192, "pensionFunded": 110, "fundedYear": "2021", "pensionSpending": 10.81, "spendingYear": "2024", "pensionStatus": null, "rate": 1.75, "rateDate": "2026-10-20", "rateDefinition": "From 1 Jun 1994 onwards: Central Bank fixed repo/reversed repo rate; from 30 Jan 1987 to 31 May 1994: marginal rate; from 1 Jan 1946 to 29 Jan 1987: discount rate. ", "rateSource": "Sveriges Riksbank", "rateLabel": "Central bank policy rate", "rateDisplay": "1.75%", "stability": 80.5452579, "voice": 87.6392014, "effectiveness": 89.5430949, "components": { "Growth": 64.28571428571429, "Public debt": 89.21428571428572, "Price stability": 88.75, "Employment": 54.166666666666664, "Government effectiveness": 89.5430949 }, "economyScore": 77, "economyLabel": "Sound", "pensionScore": 4.5, "economyNote": "Low public debt and strong institutions support resilience. Labour-market weakness can still create household stress.", "pensionNote": "Automatic adjustment and funded saving support resilience. Individual benefits still depend on work histories and investment outcomes.", "riskNote": "Household costs and public policy disputes could generate demonstrations. Local disorder remains a separate risk.", "protest": "Moderate", "riot": "Moderate", "benchmark": { "grade": "B+", "score": 78.8 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/sweden", "localPensionUrl": "https://ec.europa.eu/eurostat/cache/metadata/en/nasa_10_pens_esms.htm", "localPensionNote": "Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value." }, { "name": "United Kingdom", "iso": "GBR", "code": "GB", "region": "Other Europe", "slug": "united-kingdom", "debt": 102, "debtHistory": { "2024": 99.4, "2025": 102.1, "2026": 102, "2027": 102.5 }, "growth": 1.3, "growthHistory": { "2024": 1.1, "2025": 1.2, "2026": 1.3, "2027": 1.2 }, "inflation": 3.3, "inflationHistory": { "2024": 2.5, "2025": 3.4, "2026": 3.3, "2027": 2.8 }, "unemployment": 5.3, "unemploymentHistory": { "2024": 4.3, "2025": 4.9, "2026": 5.3, "2027": 5.3 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": 10.85, "spendingYear": "2018", "pensionStatus": null, "rate": 3.75, "rateDate": "2026-10-19", "rateDefinition": "From 3 Aug 2006 onwards: official bank rate; from 6 May 1997 to 2 Aug 2006: repo rate; from 20 Aug 1981 to 5 May 1997: minimum Bank of England Band 1 dealing rate; from 16 Oct 1972 to 19 Aug 1981: minimum lending rate; from 1 Jan 1946 to 15 Oct 1972: bank rate.", "rateSource": "Bank of England", "rateLabel": "Central bank policy rate", "rateDisplay": "3.75%", "stability": 70.6839867, "voice": 81.2882337, "effectiveness": 77.5838889, "components": { "Growth": 47.14285714285714, "Public debt": 41.42857142857143, "Price stability": 83.75, "Employment": 80.83333333333333, "Government effectiveness": 77.5838889 }, "economyScore": 66, "economyLabel": "Sound", "pensionScore": 3.5, "economyNote": "A large debt burden limits fiscal room. Productivity and real household income remain central to a durable improvement.", "pensionNote": "Automatic enrolment supports retirement saving. The State Pension and public employee schemes create different obligations that must be assessed separately.", "riskNote": "Living costs, public services, and political disputes could mobilise demonstrations and local violent disorder.", "protest": "Elevated", "riot": "Elevated", "benchmark": { "grade": "B", "score": 71.6 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/united-kingdom", "localPensionUrl": "https://www.gov.uk/government/publications/whole-of-government-accounts-2024-25/whole-of-government-accounts-2024-25", "localPensionNote": "The 2024–25 government accounts report £1,395.8 billion in net public-sector pension liabilities. This excludes the State Pension and private pensions. The ONS 2021 Table 29 marks State Pension data as unavailable. Its available totals therefore cannot supply the full comparable measure." }, { "name": "United States", "iso": "USA", "code": "US", "region": "Americas", "slug": "united-states", "debt": 126.8, "debtHistory": { "2024": 122.3, "2025": 124.4, "2026": 126.8, "2027": 128.7 }, "growth": 2.3, "growthHistory": { "2024": 3, "2025": 2.3, "2026": 2.3, "2027": 2.3 }, "inflation": 3.6, "inflationHistory": { "2024": 3, "2025": 2.7, "2026": 3.6, "2027": 2.8 }, "unemployment": 4.2, "unemploymentHistory": { "2024": 4, "2025": 4.3, "2026": 4.2, "2027": 4 }, "pensionDebt": null, "pensionYear": null, "pension2021": null, "pensionFunded": null, "fundedYear": null, "pensionSpending": null, "spendingYear": null, "pensionStatus": null, "rate": 3.875, "rateDate": "2026-10-20", "rateDefinition": "From 19 Dec 1985 onwards: mid-point of the Federal Reserve target rate; from 1 Jul 1954 to 18 Dec 1985: US Fed Funds effective rate.", "rateSource": "US Federal Reserve System", "rateLabel": "Fed target midpoint", "rateDisplay": "3.75–4.00%", "stability": 60.3146432, "voice": 69.5546088, "effectiveness": 76.7214861, "components": { "Growth": 61.42857142857142, "Public debt": 23.714285714285715, "Price stability": 80.0, "Employment": 90.0, "Government effectiveness": 76.7214861 }, "economyScore": 66, "economyLabel": "Sound", "pensionScore": 3, "economyNote": "Growth and low unemployment support current activity. A high debt ratio and persistent financing needs reduce my fiscal assessment.", "pensionNote": "Private retirement assets coexist with uneven coverage and a Social Security financing gap. Trust fund depletion would not mean all benefits stop.", "riskNote": "Political disputes and economic grievances could produce large demonstrations and local violent disorder. National ratings hide large regional differences.", "protest": "Elevated", "riot": "Elevated", "benchmark": { "grade": "C+", "score": 61.6 }, "confidence": "Medium", "pensionConfidence": "Medium", "advisoryUrl": "https://travel.gc.ca/destinations/united-states", "localPensionUrl": "https://www.ssa.gov/oact/tr/2026/", "localPensionNote": "The 2026 trustees project combined Social Security reserve depletion in 2034, with 83% of scheduled benefits payable then. This is a projection, not an accrued-liability stock." } ]