"Failed to compile pixel shader." But my PC is good enough for Dolphin

[doctordoom90s]

Here is my specs:

Windows 8.1 x64
AMD FX-8320
8,0GB RAM DDR3 RAM 2209.7 Mhz
AMD RADEON R7 200 series

I'm using Dolphin 4.0.

I had no problems with Donkey Kong Country Returns which runs at stable 60 FPS.

I tried to run Fatal Frame IV: Mask of the Lunar Eclipse. Can't get FPS higher than 30. At first, everything was going well with some ocasional FPS drops here and there. The game is playable. However, when I begin Ruka's chapter and enter the room where the camera obscura is the game freezes and a message appears:

"Failed to compile pixel shader. This usually happens when trying to use Dolphin with an outdated GPU or integrated GPU like the Intel GMA series."

Why am I seeing this message?

I'm guessing my PC meet the requirements for Dolphin, or am I mistaken?

Note: Please, have in mind that I'm new to the PC community. I may not recognize some technical terms. I'm gonna ask you to remain polite. No need to be rude to a newbie. Any help would be appreciated.
Thank you, guys.

[JosJuice]

Update to the newest development version or 5.0 release candidate of Dolphin and see if anything changes.