Global economy in dangerous new phase: IMF chief
Sunday August 28, 2011 10:11:43 AM,
IANS
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Washington:
International Monetary Fund chief Christine Lagarde warned
Saturday that downside risks to the global economy are rising, and
developments this summer have indicated the global economy is in a
"dangerous new phase".
The world risks seeing the fragile recovery derailed, so "we must
act now", Lagarde cautioned in a speech delivered at an symposium
in Jackson Hole in the US state of Wyoming.
"It is a matter of vision, courage and timing. Decisive action
will bolster the confidence that is required to restore and
re-balance global growth," Xinhua quoted Lagarde as saying.
"We are not without options. We know what needs to be done to
support growth, reduce debt and prevent further financial crises,"
said Lagarde, adding that the world needs a new approach to
implement a comprehensive plan in a coordinated global way based
on bold political action.
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