"We've seen a global economy that has been resilient in a way that we haven't seen before through a pandemic and energy crisis, inflation that shot up, and central banks everywhere raised interest rates," Gopinath told Fortune editor Clay Chandler. Economies have avoided a "prolonged global recession" and the high unemployment that have followed past periods of high inflation, such as in the 1970s.
"Inflation rates came down, which means prices are continuing to go up, but at a slower pace. So if you look over a four-year period, you have seen households who looked at the how much they're paying for their goods ... and said, 'Well, everything is a lot more expensive,'" she said. "So it's not surprising the way people feel versus the way I'm describing how the global economy is."
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