Gita Gopinath urges Washington and other advanced economies to reduce their debt
The IMF’s second-in-command has urged the US to shrink its mounting fiscal burden, saying strong growth in the world’s largest economy gave it “ample” room to rein in spending and raise taxes. Gita Gopinath, the fund’s first deputy managing director, said it was time for advanced economies to “invest in fiscal consolidation” and address how they plan to bring debt burdens back down to pre-pandemic levels.
Gopinath praised the euro area’s latest fiscal reforms, though she added that implementation of the measures, agreed in December, was “going to be absolutely critical”. Many view 2025 as a crunch year for the US’s fiscal outlook, with Donald Trump pledging to make his 2017 tax cuts permanent if re-elected, and Joe Biden’s failure to curb high levels of spending, raising concerns that deficits could balloon even further than already anticipated.
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