06 July 2012 15:55 [Source: ICIS news]
LONDON (ICIS)--The International Monetary Fund (IMF) expects to lower its growth forecast for the global economy as the outlook has worsened in past months, its managing director said on Friday.
“Over the past few months, the outlook has, regrettably, become more worrisome,” Christine Lagarde said in a speech at a policy forum in ?xml:namespace>
“Many indicators of economic activity—investment, employment, manufacturing—have deteriorated. And not just in Europe or the
“The global growth outlook will be somewhat less than we anticipated just three months ago,” Lagarde said.
“And even that lower projection will depend on the right policy actions being taken,” she added.
In her speech, Lagarde stressed that the crisis is not just a European concern.
“This is a global crisis. In today’s interconnected world, we can no longer afford to look only at what goes on within our national borders. This crisis does not recognise borders,” she said.
At the same time, “further progress will continue to be needed to overcome the crisis decisively and avoid the damaging effects on stability and growth,” she said.
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
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