Fears that inflation could spiral out of control due to a massive US stimulus package are overblown, IMF chief economist Gita Gopinath said yesterday. Her argument contradicted critics of US President Joe Biden’s proposed $1.9tn rescue package for the world’s largest economy, who say the amount is excessive, and even those Democratic economists who have also raised concerns about price spikes. Gopinath estimated that with the full amount of stimulus, inflation “would reach around 2.25% in 2022, which is nothing to be concerned about,” she said in a blog post. Some economists, including former Treasury secretary Larry Summers, have urged caution saying excess spending could spark an inflatio
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