IMF Economist Gourinchas: Global Economy Remains Dollar-Centric

Istanbul, June 27, 2026 – IMF senior economist Pierre‑Yves Gourinchas has underscored that the global economy remains strongly dollar‑centric. In the IMF’s latest economic assessment, Gourinchas highlighted that international trade and financial flows are largely anchored to the U.S. dollar. The dollar’s dominance as a reserve currency provides stability across both advanced and emerging market financial systems. This role limits currency volatility while also influencing global borrowing costs. The IMF noted that the dollar’s central position is particularly critical for risk management in countries with large trade volumes. While acknowledging the benefits of a dollar‑centric structure, Gourinchas also pointed out potential challenges for emerging economies. Fluctuations in the dollar’s value can affect the balance of payments of debt‑financed countries and trigger depreciation of local currencies. In this context, the IMF stresses the need to strengthen coordination of monetary policy and risk‑management strategies to achieve sustainable growth. Looking ahead, Gourinchas said the IMF will continue its efforts to support global economic stability through coordinated monetary policy and enhanced resilience of the financial system. These initiatives aim to preserve the dollar’s role in the global financial system while fostering a more balanced monetary environment. This is not investment advice.