Do not relax, IMF chief tells world leaders
“I will pursue with ‘do not relax’ principle. The forecast is for a very fragile recovery in 2013 and that is why I will emphasise on do not relax,” Lagarde said here at the World Economic Forum (WEF) Annual Meeting.
Speaking at a session on the global economic outlook, she said central banks across the world have taken some tough decisions in the recent past and some political leaders are also doing their part on recovery process.
“Some difficult decisions are still due in the US and Europe. The competitiveness of euro zone has to be there,” she said, adding that growth has certainly picked up in the United States.
“For emerging economies, particularly China, re-balancing the business model towards more domestic and more consumption-oriented and less export-focused is going to be there,” the IMF Managing Director said.
Yi Gang, Deputy Governor of People’s Bank of China, said that after seven quarters of slow expansion, his country’s growth rate went up in the last quarter. “China is looking forward to a growth rate of 8 per cent, which is also the IMF growth forecast,” he added.
The panelists noted that the recovery process has only began and was far from over.
Angel Gurria, Secretary General of OECD, said that it was wrong to feel relieved just
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