Speeches
2025
June 16, 2025
This Time Must be Different: Lessons from Sri Lanka’s Recovery and Debt Restructuring
Opening Remarks by the IMF First Deputy Managing Director Gita Gopinath at the Conference on “Sri Lanka’s Road to Recovery: Debt and Governance” Shangri-La Hotel Colombo
May 7, 2025
Steering through the Fog: The Art and Science of Monetary Policy in Emerging Markets
The economic effects of these developments are expected to be sizeable. Our World Economic Outlook ‘reference scenario’ projects that tariffs will reduce both global and emerging market (EM) output growth by roughly 0.5 percentage points relative to our forecast prior to the April tariffs.
2024
September 18, 2024
A Strategic Pivot in Global Fiscal Policy
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 Shocks
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 Downturn
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 Dollar
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 Mission
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 Fragmentation
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 World
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”
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 Conference
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 Conditions
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.
June 5, 2023
The Power and Perils of the “Artificial Hand”: Considering AI Through the Ideas of Adam Smith
In her speech, Gita Gopinath reflects on Adam Smith's legacy and its relevance to today's emergence of artificial intelligence (AI). She discusses how AI could boost productivity but also reshape the labor market, potentially causing social upheaval. Gopinath emphasizes the need for smart regulations to ensure AI benefits society and urges international cooperation on this front. She concludes by highlighting the interdisciplinary approach needed to navigate the challenges and opportunities presented by AI.
May 25, 2023
Opening Remarks by First Deputy Managing Director Gita Gopinath at the IMF Conference on Geoeconomic Fragmentation
Gita Gopinath discusses geoeconomic fragmentation, highlighting its emergence and implications. She emphasizes the need for thorough research, identifies key questions, and stresses the importance of multilateral institutions.
May 17, 2023
Tackling High Inflation in Emerging Markets
Gita Gopinath addresses how emerging markets (EMs) navigate high inflation amid global tightening. She underscores EMs' resilience due to policy reforms and improved monetary frameworks. Gopinath emphasizes maintaining tight monetary policies to curb inflation, with caution about persistent risks. She suggests fiscal restraint to mitigate financial vulnerabilities, stressing the need for refined policy frameworks in navigating the global economic landscape.
January 6, 2023
FDMD Remarks at the AEA Luncheon
Mundell-Fleming laid the groundwork for the analysis of floating regimes after the collapse of Bretton Woods in 1973
2022
November 17, 2022
FDMD Remarks at the Caixin Global Summit 2022
Gita Gopinath addressed the Caixin Global Summit 2022, highlighting challenges like the Russian invasion of Ukraine and tightening monetary policies. She projected a significant global growth slowdown, urging central banks to focus on restoring price stability amidst rising inflation. Urgent actions were recommended for emerging market policymakers to address debt distress. Gopinath emphasized the importance of global cooperation to tackle vulnerabilities like climate change. She expressed concerns about geo-economic fragmentation undermining globalization gains, urging continued collaboration.
November 10, 2022
Introductory Remarks by the First Deputy Managing Director at 23rd Jacques Polak Annual Research Conference
Gita Gopinath addressed the 23rd Jacques Polak Annual Research Conference, celebrating Maury Obstfeld's contributions to economics. She highlighted Obstfeld's influential works on currency crises, open economy Keynesian framework, and global imbalances. Gopinath discussed current challenges, including the strengthening dollar, financial fragility, and geo-economic fragmentation. She emphasized the importance of cooperation to address these challenges.
September 27, 2022
Gender Equality Boosts Economic Growth and Stability
Gita Gopinath addressed the Korea Gender Equality Forum, highlighting the widening gender gaps exacerbated by global crises. She emphasized the importance of gender equality in fostering economic recovery and sustainable growth, particularly in Korea. Gopinath outlined policy recommendations to enhance female labor force participation and commended Korea's progress on gender policies. She introduced the IMF's Strategy for Mainstreaming Gender and expressed the IMF's commitment to supporting Korea in narrowing gender gaps and fostering inclusive growth.
August 26, 2022
How Will the Pandemic and War Shape Future Monetary Policy?
Gita Gopinath delivered remarks at the Jackson Hole Symposium, focusing on the future of monetary policy influenced by the pandemic and geopolitical tensions, notably Russia's invasion of Ukraine. She discussed how these events have tested the robustness of current monetary policy frameworks and highlighted potential shifts in economic structures affecting policy decisions. Gopinath emphasized the need for central banks to consider possible structural changes in the economy, such as shifts in aggregate supply and demand, and adapt their strategies to manage rising inflation risks effectively. She advocated for proactive central bank policies to prevent inflation expectations from becoming unanchored and stressed the importance of addressing global challenges like climate change and supply chain resilience.
June 23, 2022
Opening Remarks by First Deputy Managing Director Gita Gopinath at the IMF Economic Review Conference on Transformational Recovery: Seizing Opportunities from the Crisis
Gita Gopinath, speaking at the IMF Economic Review Summer Conference, highlighted immediate challenges like the pandemic, the war in Ukraine, and high inflation, which are dampening global growth. She stressed the importance of addressing these issues while also focusing on long-term structural concerns, such as increasing poverty and inequality. Gopinath emphasized the need for collaborative efforts to find solutions and expressed anticipation for future collaboration, including the 2023 Annual Meetings in Marrakesh.
June 2, 2022
Opening Remarks by First Deputy Managing Director Gita Gopinath at “At the Frontier: India's Digital Payment System and Beyond”
Gita Gopinath addressed a webinar on digital payments, stressing their transformative potential amid the pandemic. She highlighted the risks of fragmented payment systems due to geopolitical tensions, emphasizing the need for global collaboration. Reserve Bank of India Deputy Governor Rabi Sankar provided insights into India's payment landscape, including the potential role of CBDCs.
April 28, 2022
Closing Remarks Navigating the Economic Obstacle Course while Addressing Long-Term Challenges: The Role of IMF Capacity Development
Gita Gopinath concludes a discussion on capacity development, thanking participants for their insights and contributions. She emphasizes the importance of institution-building in responding to ongoing global challenges and promoting resilience and inclusivity. Gopinath pledges continued support for robust financial management, transformative policies, and partnerships. She highlights the role of capacity development in countering fragmentation and fostering collaboration.
April 28, 2022
Opening Remarks of the First Deputy Managing Director Gita Gopinath
Gita Gopinath chaired an event on capacity development to address global economic challenges amidst the Ukraine war, pandemic fallout, and inflation pressures. She highlighted IMF initiatives, including strengthening tax administrations and supporting central banks. Gopinath emphasized collaboration to tackle immediate and long-term challenges like climate change and inclusive growth.
2021
September 2, 2021
Monetary and Macroeconomic Policies At the Crossroads | BAM21
Presentation by Economic Counsellor Gita Gopinath at the Bruegel Annual Meetings 2021
August 27, 2021
The Interaction of Fiscal and Monetary Policy
Presentation by Chief Economist Gita Gopinath at the 2021 Jackson Hole Symposium
June 16, 2021
Remarks by IMF Chief Economist Gita Gopinath at the 3rd APEC Structural Reform Ministerial Meeting
Gita Gopinath emphasizes the urgency of structural reforms amidst the pandemic's challenges, identifying four key global economic fault lines exacerbated by the crisis. She advocates for tailored reforms across different phases of the pandemic, emphasizing inclusive growth, inequality reduction, and fiscal responsibility. Gopinath expresses confidence in discussions leading to a stronger, fairer, and greener post-COVID world.
March 8, 2021
Women's Economic Empowerment and Inclusive Global Economic Growth: COVID-19 and Beyond
Gita Gopinath addresses the United Nations, honoring Dr. Hansa Mehta and discussing the pandemic's impact on women. She emphasizes the economic benefits of gender equity, advocating for policies to support women's participation in the workforce, address legal barriers, and promote equal pay. Gopinath calls for collaboration between governments, the private sector, and international organizations to advance gender equality.