Gita Gopinath

First Deputy Managing Director

Gita Gopinath is the First Deputy Managing Director of the International Monetary Fund (IMF) as of January 21, 2022. In that role she oversees the work of staff, represents the Fund at multilateral forums, maintains high-level contacts with member governments and Board members, the media, and other institutions, leads the Fund’s work on surveillance and related policies, and oversees research and flagship publications. Ms. Gopinath previously served as the Chief Economist of the Fund from 2019-22. In that role, she was the Economic Counsellor of the Fund and Director of its Research Department. Prior to joining the IMF, Ms. Gopinath was the John Zwaanstra Professor of International Studies and of Economics at Harvard University’s economics department (2005-22) and before that she was an assistant professor of economics at the University of Chicago’s Booth School of Business (2001-05). Her research, which focuses on International Finance and Macroeconomics, is widely cited and has been published in many top economics journals. She has authored numerous research articles on exchange rates, trade and investment, international financial crises, monetary policy, debt, and emerging market crises.

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As Chief Economist, she helmed thirteen releases of the World Economic Outlook, including forecasts of the impact of the Covid-19 pandemic on the global economy. She co-authored the “Pandemic Paper” on how to end the COVID-19 pandemic that set globally endorsed targets for vaccinating the world and led to the creation of the Multilateral Task Force made up of the leadership of the IMF, World Bank, WTO, and WHO to help end the pandemic and the establishment of a working group with vaccine manufacturers to identify trade barriers, supply bottlenecks, and accelerate delivery of vaccines to low- and lower-middle income countries. She also worked with other Fund departments to connect with policy makers, academics, and other stakeholders on a new analytical approach to help countries respond to international capital flows via the Integrated Policy Framework. She also helped set up a Climate Change team inside the IMF to analyze, among other things, optimal climate mitigation policies.

Ms. Gopinath is an elected fellow of the American Academy of Arts and Sciences and of the Econometric Society, and a member of the Group of Thirty. She has previously served as the co-director of the International Finance and Macroeconomics program at the National Bureau of Economic Research (NBER), a member of the economic advisory panel of the Federal Reserve Bank of New York and a visiting scholar at the Federal Reserve Bank of Boston. She is the co-editor of the current Handbook of International Economics and was earlier the co-editor of the American Economic Review and managing editor of the Review of Economic Studies.

Ms. Gopinath was born in India and is a U.S. national and an overseas citizen of India. She has received numerous awards and commendations. In 2021, Financial Times named her among the ‘25 most influential women of the year’, the International Economic Association named her the Schumpeter-Haberler Distinguished Fellow, the Agricultural & Applied Economics Association recognized her with the John Kenneth Galbraith Award, and the Carnegie Corporation named her among ‘Great (American) Immigrants’. She was named among the Bloomberg ‘50 people who defined 2019’, a ‘Top Global Thinker’ by Foreign Policy, and among the ‘Women who Broke Major Barriers to Become Firsts' by Time Magazine.

Ms. Gopinath is the recipient of the Pravasi Bharatiya Samman, the highest honor conferred on overseas Indians by the Government of India, and the Distinguished Alumnus Award from the University of Washington. The IMF named her one of the ‘top 25 economists under 45’ in 2014, she was chosen as one of the ‘25 Indians to Watch’ by the Financial Times in 2012, and she was selected as a Young Global Leader by the World Economic Forum in 2011.

Ms. Gopinath received her Ph.D. in economics from Princeton University in 2001, after earning a B.A. from Lady Shri Ram College and M.A. degrees from Delhi School of Economics and the University of Washington.

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2024

September 18, 2024

A Strategic Pivot in Global Fiscal PolicyHTML File

Gita Gopinath, IMF First Deputy Managing Director, delivers the Whitaker Lecture at the Central Bank of Ireland, addressing global fiscal challenges and calling for a strategic shift in fiscal policy to tackle public debt, climate change, and future crises.

June 21, 2024

Navigating Fragmentation, Conflict, and Large ShocksHTML File

Gita Gopinath discusses the impacts of Russia’s invasion of Ukraine on Ukraine, neighboring countries, and the global economy at the NBU-NBP Annual Research Conference, highlighting increased fragmentation, higher defense spending, and implications for monetary policy in a more shock-prone environment. She emphasizes the need for central banks to adapt their strategies and the importance of coordinated fiscal, financial, and structural policies to support macroeconomic stability.

May 30, 2024

Crisis Amplifier? How to Prevent AI from Worsening the Next Economic DownturnHTML File

AI has the power to change our lives and the global economy. We have the power to shape that change for the better.

May 8, 2024

Speech: Geopolitics and its Impact on Global Trade and the DollarHTML File

After years of shocks—including the COVID-19 pandemic and Russia’s invasion of Ukraine—countries are reevaluating their trading partners based on economic and national security concerns. Foreign direct investment flows are also being re-directed along geopolitical lines. Some countries are reevaluating their heavy reliance on the dollar in their international transactions and reserve holdings.

February 9, 2024

Opening Remarks by First Deputy Managing Director Gita Gopinath at the Press Conference on the Conclusion of the 2024 Japan Article IV Consultation MissionHTML File

The IMF concludes its assessment of Japan's economy, noting progress in growth and inflation. Recommendations include gradually ending unconventional monetary policies, tightening fiscal policy to address public debt, and strengthening the financial sector. Structural reforms, particularly focusing on gender empowerment and green initiatives, are suggested. Japan's leadership in global collaboration is appreciated.

2023

December 11, 2023

Cold War II? Preserving Economic Cooperation Amid Geoeconomic FragmentationHTML File

In her speech at the 20th World Congress of the International Economic Association, Gita Gopinath discusses the potential onset of Cold War II and its implications for the global economy. She draws parallels between historical periods of globalization and fragmentation, emphasizing the current geopolitical tensions between the US and China. Gopinath highlights signs of growing trade and investment fragmentation and the risks it poses to economic cooperation and growth. She emphasizes the need for pragmatic approaches to minimize the costs of fragmentation while addressing security concerns. Gopinath suggests three principles for policymakers: seeking multilateral approaches for common interests, adopting non-discriminatory plurilateral agreements, and restricting unilateral policy actions to correct market distortions. She concludes by urging collaboration to preserve the benefits of free trade and tackle global challenges in an increasingly fragmented world.

November 30, 2023

Europe in a Fragmented WorldHTML File

In her acceptance speech for the 2023 Bernhard Harms Prize, Gita Gopinath discusses the rising phenomenon of geoeconomic fragmentation and its implications for Europe. She highlights three key points: Firstly, she emphasizes that geoeconomic fragmentation is a reality, with trade patterns shifting and supply chains lengthening. Secondly, Gopinath notes that while Europe is highly exposed to this fragmentation, its diverse membership and innovative capabilities position it to weather the effects. Finally, she advocates for EU policymakers to prioritize deepening the single market and calls for a rules-based global trading system to leverage Europe's unique strengths and foster resilience in the face of a divided world.

November 17, 2023

Gita Gopinath’s Introductory Remarks for the Conference “Fiscal Policy in an Era of High Debt”HTML File

In her address on "Fiscal Policy in an Era of High Debt," Gita Gopinath highlighted the escalating global public debt, reaching 92 percent of GDP by 2022, and its implications, especially for emerging economies. She stressed the urgent need for renewed focus on fiscal policy, emphasizing four key priorities: reassessing spending priorities, understanding monetary-fiscal interactions, evaluating debt vulnerabilities, and adopting measures to reduce debt ratios. Gopinath concluded by underlining the importance of research in shaping fiscal policy to address evolving challenges.

October 25, 2023

Remarks by the First Deputy Managing Director at the Ninth IMF-WB-WTO Trade Research ConferenceHTML File

In her opening speech at the ninth IMF-World Bank-WTO Trade Research Conference, Gita Gopinath highlighted the challenges facing global trade, including historically low trade growth and rising trade barriers. She emphasized the surge in industrial policy and its potential negative impacts, particularly in advanced economies, and the risks associated with trade fragmentation. Gopinath outlined solutions, advocating for promoting trade openness, building resilient supply chains, and mitigating unilateral actions through transparency and cooperation. She underscored the importance of collaboration among international institutions to address these pressing issues and concluded by expressing hope that the ideas discussed at the conference could contribute to shaping global policy debates.

September 1, 2023

Charting a Course Through Rough Seas: How Emerging Markets Can Navigate Tougher External ConditionsHTML File

In her speech, Gita Gopinath discusses challenges facing emerging markets, such as tougher financial conditions, rising fragmentation, and climate change costs. She suggests boosting domestic resources, enhancing resilience, and implementing sustainable climate strategies. Gopinath emphasizes the IMF's role in supporting emerging markets.

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