‘Happy to hand over the baton': Gita Gopinath's message after stepping down as IMF chief economist

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Gita Gopinath, the IMF’s first deputy managing director, said she hoped the world truly exits the coronavirus pandemic in 2022. (Screengrab from video tweeted by @Gita Gopinath)

Indian-American economist Gita Gopinath on Wednesday shared a video message about the International Monetary Fund’s World Economic Outlook, her last as chief economist, in which she spoke about global challenges.

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Gita Gopinath also wished her successor, French economist Pierre-Olivier Gourinchas, the best. She had taken over as IMF’s first deputy managing director on January 21.

“Today was my last World Economic Outlook release,” Gopinath tweeted. “Happy to hand the baton to Pierre-Olivier Gourinchas and wish him the best.”

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In the video attached to the tweet, Gopinath said that IMF had a downgrade for global growth in 2022.

Today was my last World Economic Outlook release. Happy to hand the baton to ⁦@pogourinchas⁩ and wish him the best. pic.twitter.com/uHXC3fi8Ey

— Gita Gopinath (@GitaGopinath) January 25, 2022

Global Tech News Daily

“There are numerous challenges facing the global economy,” Gopinath said. “We still remain in the grip of the pandemic. Inflation is too high in many countries. There are supply disruptions in many places. But at the same time, the global recovery is continuing. Let’s hope that we can make 2022 the year we truly exit the pandemic. That will require a lot more global cooperation.”

Gopinath added that she hoped to continue doing her bit to help the world achieve a “much more durable recovery”.

The IMF’s first deputy managing director has cautioned that in most countries, monetary policy is at a critical juncture and globally, economies will have to adapt to higher interest rates.

“Where inflation is broad-based alongside a strong recovery, like in the United States, or high inflation runs the risk of becoming entrenched, as in some emerging market and developing economies and advanced economies, extraordinary monetary policy support should be withdrawn,” Gopinath wrote in an article accompanying the IMF’s update to its World Economic Outlook report, which was released on January 25.

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