gita gopinath, thank you so much

gita gopinath, thank you so much for joining us.he daily social distancing show." >> thank you. i'm glad you want to talk to an economist. >> trevor: i think economists are the people we need to speak to the most right now because money is going to be the second biggest loser, i guess, in coronavirus. obviously, human life comes first, and then you have money, which people need to sustain themselves and survive. as the i.m.f., you lend money to countries, which means you can learn a lot about what countries are going through and what they need. what have you gone from your insights into what countries need right now? >> so the first thing i want to flag, trevor, is that we've had over 90 countries come to us to discuss financial assistance. and so this is unprecedented. it hasn't happened before. so it tells you the scale of the crisis that we're dealing with. i think what we need to keep in mind is this crisis is very different from any others we've seen-- the great depression, the great recession, and now this is the great lockdow

francine: gita gopinath. we are back with james athey.you do with emerging markets right now? james: that is a really tough one, to be honest. i think they really -- a number of the countries that make up that sort of sector of the market really have got some serious challenges ahead. again, what the virus has done, is it has exposed existing ies.ilit time formost the ideal these economies to get their houses in order. you had strong growth coming from china via commodities and commodity prices. we know a lot of these are resourced in intensive economies, and what we have seen is fragility increasing, lots of dollar debt, dollar borrowing without necessarily the assets being used on the other. we have seen a lot of the deficits getting bigger with external deficits, so right here, right now, it is going to be a huge challenge. i think what is fortunate for a lot of these economies is at the moment they do not have a huge amount of inflation. there is more traditional monetary policy response, which is to say cut rates. so i don't think ne

its chief economist, gita gopinath, spoke to samira hussain, saying this is the biggest challenge theaven't seen in any of our lifetimes. the last crisis was the major crisis was a global financial crisis. at that time, the global economy shrunk by 0.1%, and right now in our baseline we are talking about growth at —3%. this is the worst since the great depression in the 1930s. when you look at 2021, the imf is pretty thing —— meant predicting the global economy wants to grow again. that is correct. we have growth at 5.8% at 2021 again under the baseline, and a is significantly above the pre— virus growth we had projected for 2021. that said, that does not mean that it is back to the same level of activity in 2021 as before. it will be a partial recovery, which means that there will still be some loss to global output even in 2021. is that an optimistic projection? i think what we can call these highly uncertain projections, which is projections, which is projections based on information that we have right now. but to deal with crises where the shock is a pandemic, it is not a drop in