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IMF forecasts 2013 as a 'make or break year'

Davos, Thu, 24 Jan 2013 NI Wire

Davos: Keeping watch on the weak recovery and uncertainty, the International Monetary Fund (IMF) has anticipated that the year 2013 will be either a 'make or break' year.

IMF chief Christine Lagarde has said the same after just a few hours after the IMF revised its forecast for this year's global growth rate down to 3.5 percent.

Addressing during the World Economic Forum annual meeting, Lagarde said, "The recovery is still weak, and uncertainty is still high."

Talking about the main anxiety, she said main sources of risks in 2013 are coming from advanced economies, including the Euro zone, the US and Japan, and urged them to keep up the momentum.

The world is in the antechamber of a new global economy, which will be geographically different, driven more by the dynamic emerging markets and developing countries, but it will also be generationally different, shaped by different values and principles, she added.

She said what the governments in the euro zone have done in the last 18 months is remarkable and she is optimistic about Europe's future. However, "it's not the time to relax", she said.

She called for more openness and cooperation between nations, more inclusion and solidarity among people and stronger accountability of those responsible for the global economy.

(With inputs from IANS)

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