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Citi's Chief Economist Willem Buiter Steps Aside, FT Reports

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Tuesday, 12 December 2017 12:18 PM

Citigroup’s chief economist, Willem Buiter, is stepping aside.

Catherine Mann, who until recently was OECD chief economist, will take his place, the Financial Times reported.

Mann also has worked at the Federal Reserve, the Council of Economic Advisers and the World Bank. “My mission statement is that good economic research, communicated effectively, improves the policymaking process and economic outcomes,” she said in a statement.

Buiter “will step away from day-to-day management of Citi’s economics coverage in February, but will remain involved in regular reports and client service,” the FT reported.

"We are also delighted that Willem’s breadth of expertise and outstanding research will continue to be showcased via his new advisory position," Andrew Pitt, global head of Citi research, said in a statement.

For his part, Buiter last week predicted a small bump in economic growth in the first year of President Donald Trump’s sweeping tax-form blueprint, but it will fall short of the lofty goals some have touted.

Buiter told CNBC-TV18 that the deficit effect of tax plan will be negative for the economy. However, tax cuts will lead to fiscal expansion.

Investors have been digesting the U.S. Senate’s approval on Saturday of the biggest tax law change since the 1980s, taking Trump closer to his goal of slashing taxes on businesses.

The Republicans’ tax plan is expected to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy, Reuters explained.

“We are expecting growth for the whole of 2018 at 2.7 percent as opposed to 2.3 percent for the whole of this year,” Moneycontrol.com quoted him as telling CNBC.

“So there will be some positive effect on US growth cyclical stimulus through this fiscal expansion. But nothing to raise in a material way; US potential output growth in the medium-term. If we get 1 percent a year extra, that would be generous,” he said.

(Newsmax wire services contributed to this report).

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Citigroup’s chief economist, Willem Buiter, reportedly is stepping aside.
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2017-18-12
Tuesday, 12 December 2017 12:18 PM
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