IMF Chief Lagarde says global growth continues to fall short of expectation
NAN-F-9
Growth
Washington, Oct. 6, 2016 (dpa/NAN) The world economy continues to fall short of its potential, and lagging prosperity is opening political rifts in many countries, International Monetary Fund (IMF) Managing Director, Christine Lagarde said on Thursday.
“Despite signs of recovery and resilience in some economies, global growth continues to disappoint, with the expected pick-up driven primarily by emerging markets,” she said in presenting her global policy agenda.
“This persistent under-performance has exposed complex underlying trends in many countries including the difficulty for some groups to adjust to rapid changes in the global economy.”
She urged governments to act “to revive demand and raise productivity, and ensure the gains from technology and globalisation.
Lagarde said that has led to unprecedented global welfare gains in recent decades – are shared more broadly.
The IMF this week left its global economic forecasts at 3.1 per cent growth this year and 3.4 per cent in 2017, both unchanged from the previous update in July.
Advanced economies are lagging, while emerging markets and developing countries are again becoming the source of most of global expansion.
Especially in rich countries, political movements questioning or opposing trade, migration and multilateral integration are gaining ground.
Lagarde warned that “a retreat” from globalisation is a “serious risk.” dpa/NAN)
(Edited by Damilola Oyewole/ Julius Enehikhuere )