In the paper entitled The Challenge of Public Pension Reform in Advanced and Emerging Economies , International Monetary Fund (IMF) experts emphasize that public sector reform will be one of the key challenges for public policy makers, both in advanced and emerging economies. According to their projections, the share of public pension expenditure in GDP between 2010 and 2030 will grow by 1 percentage point and between 2010 and 2050 by 2.5 percentage points on average. Although the appropriate reform measures depend on country circumstances and preferences, the IMF team gives particular prominence to the numerous advantages of increasing retirement ages.