Patience is Really a Virtue
"Seek Advice but Make Your Own Decisions"
After three decades at the World Bank, Asli Demirgüç-Kunt, ECA Chief Economist, retires with fond memories and solid advice.
Asli, you are retiring after an illustrious career spanning 33 years at the Bank. What is your biggest takeaway from the experience?
Development is a long-term complicated process. If you are expecting quick results, you are setting yourself up for failure. You need to do your best but learn to appreciate and enjoy the process. Of course, the Bank educates you every day and we all leave with many lessons. But learning to be patient is probably my main takeaway.
Photo: A 2014 DEC Policy Research Talk featuring Adam Wagstaff
What are you most proud of having accomplished?
I am a strong believer in making space for and nurturing independent research in the Bank. As a manager, I feel good that I contributed to creating and protecting that environment. As a researcher, the policy questions the Bank faces every day, and the excellent colleagues I worked with, made me a more productive researcher. I am also happy that I was able to contribute to the finance and development literature and produce data and research useful for policymaking.
Photo: (left to right) Mahmoud Mohieldin, Asli Demirgüç-Kunt, Shanta Devarajan, Ceyla Pazarbasioglu, Ted Chu at the 2017 release of the Global Financial Development Report: Bankers without Borders.
What lessons do you want to share from your own professional journey with those just starting out as young researchers at the Bank?
Seek advice but make your own decisions. When I decided to join the World Bank as a young economist 33 years ago, I faced a lot of resistance from my academic advisors, who thought I should become a professor. But I knew I wanted to do research in a policy environment, and the Bank seemed like a very exciting place, so I went ahead. And when I started working at the Bank as a young researcher, I received a lot of advice on how to get ahead, which would have taken me far away from what I liked to do, so I did not listen. Ultimately, I think you should do what you like, and try to be good at it. Only you know what that is and the Bank offers many opportunities. Everything else will follow. There are many different paths to success.
Photo: The Spring 2022 ECA Economic Update, focused on the impact of the Russian invasion of Ukraine on the region, drew significant media attention. Asli gave an interview with VoA Serbia, where she discussed the consequences of the war on inflation and energy prices in the Western Balkans.
What will you miss most about the Bank?
Definitely the people. This is a place that attracts people with a lot of passion for what they do and take a lot of pride in their work. It makes for a very stimulating and innovative environment. We always worked hard, but also had a lot of fun doing it. I leave with many fond memories and will miss my colleagues and friends.
Photo: A recent picture of Asli with husband Cengiz and daughter Naz, who is a graduate student at Columbia University, working towards a finance Ph.D.
What are your post-retirement plans?
I plan to continue my economic activities at the Center for Global Development starting this Fall. But one of the important promises I made myself is to now have a more balanced life beyond professional activities. I hope to devote more time to my family, social activities, exercise, and to identify and cultivate interests I never found the time to develop.
I'll still be in the DC area, so I encourage friends and colleagues to please stay in touch. You can reach me at ademirguckunt@gmail.com or 1 (202) 294-8739.