#WEF2018:Lagarde tasks Global leaders to guard against complacency

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Monday, January 22, 2018 5.00PM / Proshare WebTV 


As global political and business leaders gather in Davos-Klosters, Switzerland for the 2018 edition of the World Economic Forum, the International Monetary Fund Managing Director Christine Lagarde in the first ever world economic outlook on the eve of the summit engaged the media on the state of the global economy. 

She asserted said "Global growth has been accelerating since 2016, and all signs point to a continuing strengthening of this growth". This is why she has charged global political leaders to guard against the risk of complacency in the management of their economies. 

Lagarde believes it is good news that the global economic growth is on  positive trajectory, but makes a strong case for the inclusiveness of the economies.

According to her “ About one-fifth of developing and emerging economies saw their per capita income decline in 2017”.

The current she stressed remains cyclical and this is the reason why proactive measures must be taken in driving the economies.

She pointed out that there is also uncertainty in the year ahead, due to public sector vulnerability and a troubling increase in debt in many countries.

"It is when the sun is shining that you want to repair the roof," says Lagarde. Despite the heavy snow in Davos, now is the time for world leaders to fix their roof..

Speaking further on the theme of the Davos 2018 summit “Creating a Shared Future in a Fractured World” the IMF MD gave three areas the shared future can be achieved.

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Firstly , shared growth were policy makers should use these circumstances to make the structural or fiscal reforms that are too hard to make in more difficult times.

Secondly, shared opportunities that will lead to inclusive growth, particularly in the area of human capital development and skills for a tech driven globe. Which also encourages women participation in all spheres.

Finally, shared global responsibilities that will drive global collaboration to fight corruption, improve conditions for trade, stop tax evasion and prevent catastrophic climate change.

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