Bolder policies can inject a new momentum into the world economy to help it overcome what has been so far a disappointing recovery, IMF Managing Director Christine Lagarde said.
In a Washington speech heralding next week’s IMF-World Bank Annual Meetings, Lagarde said the IMF’s main job now is to help the global economy shift gears and overcome a brittle and uneven recovery that is beset by risks.
She told an audience at the Georgetown University School of Foreign Service October 2 that the world economy is at an inflection point. “Yes, there is a recovery but, as you all know—and we can all feel it—the level of growth and jobs is simply not good enough.”
The world needs to aim higher and try harder, Lagarde stated. This means “bolder policies to inject a ‘new momentum’ that can overcome this ‘new mediocre’ that clouds the future.”
The Annual Meetings of the IMF and the World Bank Group each year bring together around 10,000 central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
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