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Emerging economies cannot afford ‘taper tantrum’ redux, says IMF’s Gopinath

Fund’s chief economist sounds cautious note as Fed inches closer to dialling back stimulus

Emerging markets cannot “afford” a repeat of the 2013 “taper tantrum” market disruption that occurred when the US Federal Reserve signalled a sooner-than-expected withdrawal of stimulus, sparking a surge in global borrowing costs, the IMF’s chief economist has warned.

In an interview with the Financial Times, Gita Gopinath sounded a cautious note as the Fed prepares to dial back its pandemic support, highlighting the economic pressures on low and middle-income countries, which have suffered disproportionately from the coronavirus crisis. She also warned of the potential fallout should inflation become a more pernicious issue in the US and force a sudden move to tighten monetary policy.

“[Emerging markets] are facing much harder headwinds,” she said. “They are getting hit in many different ways, which is why they just cannot afford a situation where you have some sort of a tantrum of financial markets originating from the major central banks.”

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