Meet Gita Gopinath: Economist and First Deputy Managing Director of the IMF

 

Gita Gopinath is a prominent Indian-American economist who currently serves as the First Deputy Managing Director of the International Monetary Fund (IMF), a role she assumed in January 2022. Before this, she was the IMF’s Chief Economist from 2019 to 2022, making her the first woman to hold that position. Gopinath has a distinguished academic background, having been the John Zwaanstra Professor of International Studies and Economics at Harvard University for nearly two decades. Her research spans a wide range of topics, including international finance, trade, and macroeconomics. She has also contributed significantly to policy-making, serving as the Chief Minister of Kerala’s Honorary Economic Adviser. Gopinath’s work is widely respected, and she is a co-director of the National Bureau of Economic Research’s International Finance and Macroeconomics program.

From Kolkata to Harvard: Gita Gopinath’s Inspiring Journey from India to the IMF

• She was born in Kolkata in 1971 to parents from Kerala, Gopinath and Vijayalakshmi. Her family has connections to the late A. K. Gopalan.
• In 1980, when Gita was nine years old, her parents relocated to Mysuru.
• She completed her schooling at Nirmala Convent and pursued her pre-university education at Mahajana PU College in Mysuru, where she focused on science.
• Although her parents aspired for her to become a doctor, influenced by her elder sister Anita’s engineering studies at Jaya Chamarajendra Wodiyar College of Engineering in Mysuru, Gita expressed a desire to study BA Economics.
• She successfully applied to Lady Shriram College for Women. Despite lacking a background in economics during her earlier education, she excelled in the subject over three years.
• Initially, she considered pursuing an MBA but later decided to aim for a career as an IAS officer.
• Ultimately, she chose to pursue a Master’s in Economics at the esteemed Delhi School of Economics, which also allowed her additional time to prepare for the IAS examination.
• It was at this institution that she met her future husband, Iqbal Singh Dhaliwal, who achieved the top rank in the UPSC examination in 1995.
• The couple became engaged in 1997 and subsequently married in 1999.
• Gita enrolled at the University of Washington to pursue her PhD, later transferring to Princeton University due to outstanding recommendation letters from her advisor.
• She completed the remainder of her doctoral studies at Princeton.
• During this period, Iqbal joined the Tamil Nadu IAS cadre, where he served as Deputy Secretary in the state government, director of a statewide welfare department, and CEO of a publicly owned enterprise.
• Gita expressed a desire to return to India, as her husband was working as an IAS Officer in Tamil Nadu.
• However, her mentors at Princeton were reluctant to see her leave and offered Iqbal a scholarship in Public Affairs at the university.
• Consequently, Iqbal resigned from his IAS position and joined Gita in the United States.
• He subsequently worked as an economic analyst for a consulting firm in Boston and previously as an analyst at a strategy consulting firm near Washington, D.C.
• Currently, he holds the position of Global Executive Director at MIT’s Poverty Action Lab and co-chairs the Innovation in Government Initiative program of J-PAL alongside 2019 Nobel Laureate Abhijit Banerjee.

In 2001, she commenced her tenure at the Booth School of Business at the University of Chicago as an assistant professor. By 2005, she transitioned to Harvard University, where she held the position of John Zwanstra Professor of International Studies and Economics until 2022.

” Gita Gopinath’s Transformative Role at the IMF During Global Crises”

In October 2018, Gopinath was appointed as the chief economist of the International Monetary Fund. Among her numerous impactful initiatives, she co-authored the “Pandemic Paper,” which outlined strategies to conclude the COVID-19 pandemic and established globally recognized vaccination targets.

This initiative led to the formation of a Multilateral Task Force, comprising leaders from the IMF, World Bank, WTO, and WHO, aimed at addressing the pandemic.

Additionally, a working group was established with vaccine manufacturers to identify trade barriers, resolve supply bottlenecks, and expedite vaccine distribution to low- and lower-middle-income nations. Gopinath also collaborated with various IMF departments to engage policymakers, academics, and other stakeholders in developing a new analytical framework to assist countries in managing international capital flows through the Integrated Policy Framework.

Furthermore, she played a pivotal role in establishing a Climate Change team within the IMF to evaluate optimal climate mitigation strategies. IMF Managing Director Kristalina Georgieva remarked on Gopinath’s significant contributions, stating that her influence on the Fund’s operations has been extraordinary.

She made history as the first female Chief Economist of the IMF, and her profound expertise in international finance and macroeconomics has been invaluable as the organization navigates the most severe economic crisis since the Great Depression.

 

Gita Gopinath become the Pillar of Leadership at the IMF

 

In December 2021, Gita Gopinath was appointed as the First Deputy Managing Director (FDMD) of the International Monetary Fund (IMF), a role that places her second in command within the organization. Her appointment came after a successful tenure as the IMF’s first female Chief Economist, where she played a crucial role in guiding the institution through the economic turbulence caused by the COVID-19 pandemic.

Praised by IMF Managing Director Kristalina Georgieva for her unparalleled expertise in macroeconomics, Gopinath now represents the IMF at multilateral forums, builds high-level relationships, and oversees key initiatives, research, and publications. Her extensive background, including positions at the National Bureau of Economic Research, the Federal Reserve, and advisory roles in Kerala, further solidifies her as a leading global economist and a pivotal figure at the IMF.

 

Gita Gopinath’s notable publications

Gita Gopinath has engaged in comprehensive research, primarily concentrating on international economics. Her notable publications include:

• What the Economy Needs Now
• Tariff Passthrough at the Border and the Store: Evidence from US Trade Policy
• A Proposal to End the COVID-19 Pandemic • Dominant Currency Paradigm: A New Model for Small Open Economies
• Global Trade and the Dollar
• Tariff Passthrough at the Border
• Patterns in Invoicing Currency in Global Trade
• A Conceptual Model for the Integrated Policy Framework
• Dominant Currencies and External Adjustment
• S. Dollar Currency Premium in Corporate Bonds
• Preemptive Policies and Risk-Off Shocks in Emerging Markets.

Gita Gopinath’s Financial status

Gita Gopinath is an esteemed American economist currently holding the position of Chief Economist at the International Monetary Fund (IMF). The salary range for Senior Economists at the IMF varies from $130,000 to $275,994, with Gita’s estimated annual salary being approximately $174,368. Her net worth is estimated to be around $3 million.

 

Gita Gopinath’s Background and Personal Information

1. She is a member of the Eminent Persons Advisory Group on G20 Matters within the Indian Finance Ministry.
2. In October 2018, Gita was appointed as the Chief Economist of the IMF, making her the first Indian woman and the second Indian overall to assume this role. Raghuram Rajan, the former Governor of the Reserve Bank of India, previously held the position of Chief Economist at the IMF.
3. In 2019, Foreign Policy recognized Gita as one of the world’s Top Global Thinkers, and she was also included in the list of the top 25 economists globally.

Awards and Recognitions of Gita Gopinath

• Pravasi Bharatiya Samman: Highest honor for overseas Indians, awarded by the President of India.
• Distinguished Alumnus Award: Presented by the University of Washington.
• Young Global Leader: Honored by the World Economic Forum in 2011.
• Top 25 Economists Under 45: Recognized by the International Monetary Fund in 2014.
• 25 Indians to Watch: Featured by the Financial Times in 2012.
• 25 Most Influential Women of 2021: Listed by the Financial Times.
• Schumpeter-Haberler Distinguished Fellow: Awarded by the International Economic Association.
• John Kenneth Galbraith Award: Presented by the Agricultural & Applied Economics Association.
• Great American Immigrants: Recognized by the Carnegie Corporation.
• 50 People Who Defined 2019: Featured by Bloomberg.
• Top Global Thinker: Named by Foreign Policy.
• Women Who Broke Major Barriers: Included in Time Magazine’s list of trailblazing women.

 

At just 47 years old, Gita Gopinath was appointed as the Economic Counsellor and Director of the IMF’s Research Department by Managing Director Christine Lagarde. That same year, she became a fellow of both the American Academy of Arts and Sciences and the Econometric Society.

In 2019, Foreign Policy honored her as one of the Top Global Thinkers of the year. The Indian government presented her with the Pravasi Bharatiya Samman, the highest award for overseas Indians. Additionally, she received the Woodrow Wilson Fellowship Research Award from Princeton while completing her doctoral research there.

She was featured in Bloomberg’s list of ‘50 People Who Defined 2019’ and celebrated as a ‘Top Global Thinker’ by Foreign Policy. Her achievements reflect her extraordinary influence and pioneering work in economics.

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