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Economy

Lagarde says IMF more optimistic about global recovery

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2017-10-06 07:30Xinhua Editor: Gu Liping ECNS App Download

The International Monetary Fund (IMF) is more optimistic about global recovery than in July, while urged countries to take the upswing to carry out reforms to support inclusive and sustainable growth.

"The long-awaited global recovery is taking root ... Next week we will release an updated forecast ahead of our Annual Meetings - and it will likely be even more optimistic," said IMF Managing Director Christine Lagarde in a speech on Thursday ahead of the IMF/World Bank annual meetings.

In July, the IMF expected the global economy to grow 3.5 percent this year and 3.6 percent in 2018.

Lagarde said on Thursday that nearly 75 percent of the world is experiencing an upswing -- the broadest-based acceleration since the start of the decade.

Besides the acceleration in global growth, financial stability is improving as banking system is more stable and market confidence increases, said Lagarde.

"We are seeing some sun break through - but it is not a clear sky," said Lagarde, citing high levels of debt, excessive risk-taking in financial markets, and heightened geopolitical tensions as threats to the global recovery.

Lagarde called on countries to take advantage of the upswing to undertake reforms, such as investing in education, research and development, as well as infrastructure in order to boost productivity and foster inclusive growth.

  

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