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Global economy needs bold action: Lagarde

The global economy is turning the corner, but the recovery is still too weak and too slow, Christine Lagarde says

April 11, 2014 7:40 IST | India Infoline News Service
International Monetary Fund Managing Director Christine Lagarde said on Thursday that the world economy is growing – but still needs help.
"Our overall message: the global economy is turning the corner, but the recovery is still too weak and too slow," she said at a news conference in Washington.
On Tuesday, the IMF released its latest World Economic Outlook (WEO) report, which forecast global growth to average 3.6 percent this year, and 3.9 percent in 2015. That is up from 3 percent in 2013.
In her briefing Thursday, Lagarde said the global economy needs "bold action," stressing that countries need to work together to avoid years of slow or sub-par growth.
She noted concerns "in advanced economies in general – in the euro area in particular" that prolonged low inflation would hurt growth and jobs. But she voiced optimism that European leaders will take action.
"We have an ongoing dialog with the European authorities and we highly respect the judgment of the central bank. They have their fingers on the pulse of the European economies and we were very encouraged to see at their latest board meeting and subsequent press conference that they are envisaging any tools to respond to the situation. And I think it's going to be a question of timing now," she said.
Finance ministers, central banker governors and delegates are gathering in Washington for the Spring Meetings of the World Bank Group and the International Monetary Fund.

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