GEM: a new international macroeconomic model Over the past two years the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed how GEM differs from its predecessor model and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation structure strengths and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM