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Unlocking the Work Force Potential
The strong recent economic recovery has improved Greece’s near-term outlook. However, unfavorable demographics require raising the labor force participation, particularly for women, to boost medium-term growth. Using household survey, cross-country comparison, and model simulations, we identify three main constraints: (i) care responsibilities; (ii) skill mismatches; and (iii) tax-benefit work incentives. Estimates suggest that addressing care responsibilities alone could boost employment by 3 percent. Policy recommendations include expanding access to childcare facilities, improving parental leave policies, strengthening tax-benefit incentives, and addressing skill mismatches. These measures, combined with complementary reforms could significantly empower women to boost economic growth and prosperity in Greece.
Greece
2025 Selected Issues
Brazil
GDP growth in Brazil has been remarkably resilient over the past three years and, as expected, is showing signs of moderation. The expansion has reflected strong consumption supported by fiscal stimulus on the demand side, and supply-side factors. Inflation rebounded in 2024 amid strong demand, a rise in food prices, and currency depreciation. As inflation expectations rose above the target tolerance interval, monetary policy entered a new policy tightening cycle in September. Long-standing challenges remain, including elevated public debt and spending rigidities that crowd out priority investments. The authorities have made progress on reforms to foster sustainable and inclusive growth, including implementation of VAT reform.
How to Summarize and Interpret Income Tax Schedules
This note describes how most features of an income tax system (and to some extent social security and welfare) can be described as a combination of lumpsums and marginal tax rates and plotted in a summary chart. While this is by no means a new method, applying it consistently can help tremendously in understanding the impact of tax reforms on tax systems, including by identifying any unintentional humps or notches in tax schedules. This note uses this approach to discuss, for example, universal basic incomes, the issue of whether tax allowances should be phased out, and the difference between tax credits and allowances. It also points to the limitations of the approach, such as conditions that cannot be summarized in such tax schedules.
Enhancing Judicial System Efficiency in Greece
Greece’s judicial system efficiency has been one of the lowest in the EU; affecting adversely the country’s economic performance. The massive increase in demand for judiciary services during the crisis period resulted from significant business and personal insolvencies; along with limited availability of alternative dispute resolutions and relatively low court fees. The response of judiciary services supply did not match the demand owing to inadequate deployment of human and financial resources and a low level of digitalization. Policy simulations suggest sizeable gains from judicial reforms for investment and productivity. Reducing the imbalances in the judicial system is important not only to address the legacy issues; but also to create conditions for higher growth going forward.
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IMF TaxFit Model Methodology and User Guidebook
The TaxFit microsimulation model calculates the taxes payable and benefits receivable by hypothetical households across an expanding list of countries. It simulates personal income taxes and social security contributions for all adults in a household, as well as family benefits, social assistance, in-work benefits, and caregiver support. Users define household characteristics—such as gross income levels and family composition—to facilitate cross-country comparisons of tax burdens and benefit generosity. When microdata is available, it can be uploaded to generate diagnostic indicators that better reflect the population, assess the distributional effects of tax and benefit reforms, and estimate fiscal costs. This technical manual provides a detailed overview of the TaxFit model, explains its underlying assumptions, and offers guidance on using the Stata-based model and its associated online tool.
