IMF names UC-Berkeley’s Pierre-Olivier Gourinchas as next chief economist
The Hindu
As Economic Counsellor, Pierre-Olivier Gourinchas will serve as director of the IMF’s Research Department
The International Monetary Fund (IMF) said on Monday it has appointed French-born University of California-Berkeley economist Pierre-Olivier Gourinchas as the Fund’s next chief economist, replacing Gita Gopinath, who is joining the IMF management team this month.
The Fund said Mr. Gourinchas, who joined UC-Berkeley in 2003 and held previous economic posts at Princeton University and Stanford University, will start part-time on Jan. 24 and transition to full-time Fund work on April 1. As Economic Counsellor, he will serve as director of the IMF’s Research Department.
IMF Managing Director Kristalina Georgieva said Mr. Gourinchas”brings a stellar track record of scholarship and intellectual leadership in macroeconomic areas critical to our work — from global imbalances and capital flows to the stability of the international monetary and financial system, and more recently,to economic policies for the pandemic era.”
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.