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International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper on the Republic of Armenia seeks to quantify the macroeconomic impact of the government’s reform agenda, which covers three broad areas: tax policy and pension; governance, government efficiency, and corruption; and labor market and competition. Strengthening growth and competitiveness and addressing governance problems requires comprehensive reform efforts. The new government has made it clear that fighting corruption and improving governance remain top priorities. Measures have been proposed to enhance corporate transparency, including through accounting and auditing reforms. A more systematic support program for small and medium-sized enterprises, along with labor market reforms, should also help alleviate unemployment difficulties. The simulations suggest that the government’s tax policy reform can have a positive impact on output in the medium run if it is accompanied by supporting measures. The results suggest that a full implementation of the reform package would yield substantial benefits for the economy. In particular, it could increase real GDP by as much as 7 percent over the long run.
International Monetary Fund. Asia and Pacific Dept

a sharp increase in “hours inequality” for women, they document an increase in earnings inequality for women. Gender Wage Gap (In percent of male median wage, data as of 2016) Source: OECD, Gender Wage Gap . *Data as of 2017. The gender wage gap is unadjusted and is defined as the difference between median earnings of men and women relative to median earnings of men. Data refer to full-time employees and to self-employed. Figure 8. Japan: Gender-Based Wage Inequality D. Regional Inequality 10. Poorer and older Japanese

International Monetary Fund. Middle East and Central Asia Dept.

Armenia suggest that women’s contribution to productivity as future workers is expected to exceed the contribution of men due to better educational and health indicators. Yet almost half the women with intermediate education, and more than one-third of the women with advanced education, do not participate in the labor market. HDI, Educational Component and Wage Gap Sources: World Bank Human Capital Index (October 2018), International Labor Organization (2017) and IMF staff calculations. For the countries that are included in HDI and have the wage gap data

Cristian Alonso, Mariya Brussevich, Ms. Era Dabla-Norris, Yuko Kinoshita, and Ms. Kalpana Kochhar

market production hours by gender from Bridgman and others (2018) and national time use surveys; (ii) working-age population and employment in goods and services by gender from the World Bank’s World Development Indicators database and ILOSTAT; (iii) gender wage gap data from ILOSTAT; and (iv) value added by sector from the World Bank’s World Development Indicators database and Bridgman et al. (2018 ). 13 Gender elasticity parameters, η and η l are set to the values calibrated in Ngai and Petrongolo (2017) for the United States. To assess the role of reducing

Cristian Alonso, Mariya Brussevich, Ms. Era Dabla-Norris, Yuko Kinoshita, and Ms. Kalpana Kochhar
Unpaid work, such as caring for children, the elderly, and household chores represents a significant share of economic activity but is not counted as part of GDP. Women disproportionately shoulder the burden of unpaid work: on average, women do two more hours of unpaid work per day than men, with large differences across countries. While much unpaid care work is done entirely by choice, constraints imposed by cultural norms, labor market features or lack of public services, infrastructure, and family-friendly policies matter. This undermines female labor force participation and lowers economy-wide productivity. In this paper, we examine recent trends in unpaid work around the world using aggregate and individual-level data, explore potential drivers, and identify policies that can help reduce and redistribute unpaid work across genders. Conservative model-based estimates suggest that the gains from these policies could amount to up to 4 percent of GDP.
International Monetary Fund. Strategy, Policy, & Review Department

gender wage gap within most countries and occupations ( Figure 9 ). Gender wage gap data are not readily available for most developing countries. For OECD countries, the gender wage gap—defined as the percentage difference between the median earnings of female and male full-time employees—was estimated at 11.6 percentage points in 2020, compared to 18 percentage points in 2000. Figure 9. Gender Wage Gap (Percentage Points) Source: Organization for Economic Cooperation and Development (OECD), 2021. For each country the data reported refers to the most

International Monetary Fund. Asia and Pacific Dept
This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Japan highlights that the rapid aging and shrinking of Japan’s population has become central to macroeconomic policies and outcomes. The consultation centered on the macroeconomic effects of Japan’s demographics. Mutually reinforcing policies are needed to lift current and expected inflation, stabilize public debt, and raise potential growth. Underlying growth is expected to remain resilient but will be increasingly challenged by slowing external demand and intensifying demographic headwinds. Growth in domestic demand is being eroded by the weaker external environment. Frontloading of private consumption ahead of the October 2019 consumption tax rate increase appears to have been smaller than in 2014.
International Monetary Fund. Strategy, Policy, & Review Department
On July 22, 2022, the Executive Board of the International Monetary Fund (IMF) approved the IMF’s first Strategy toward Mainstreaming Gender into the IMF’s core activities. Mainstreaming gender at the IMF starts with the recognition that reducing gender disparities goes hand-in-hand with higher economic growth, greater economic stability and resilience, and lower income inequality. At the same time, economic and financial policies can exacerbate or narrow gender disparities. Well-designed macroeconomic, structural, and financial policies can support efficient and inclusive outcomes and equitably benefit women, girls, and the society in general. The strategy lays out how the IMF can help its member countries address gender disparities in the context of carrying out its core functions—surveillance, lending, and capacity development. The strategy comprises four key pillars: first, gender-disaggregated data collection and development of modeling tools to enable staff to conduct policy analysis; second, a robust governance framework for an evenhanded approach across members based on the macro-criticality of gender; third, strengthening collaboration with external partners to benefit from knowledge sharing and peer learning, leverage complementarities, and maximize the impact on the ground; and fourth, the efficient use of resources allocated to gender by putting in place a central unit for realizing scale economies and supporting country teams.