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Lagarde: Growth will be "disappointing" in 2016

on Wed Dec 30, 2015 2:27 pm
Even seven years after the collapse of the US investment bank Lehman Brothers, the IMF chief said, the financial sector in many countries still had weaknesses and in many emerging economies the financial risks were increasing.

A combination of rising interest rates in the US and weakening expansion in China is contributing to uncertainty and a greater risk of economic volatility across the world, says IMF Managing Director Christine Lagarde.

Global economic growth will be "disappointing" next year, Lagarde wrote in a guest article for German newspaper Handelsblatt published on Wednesday.

"All of that means global growth will be disappointing and uneven in 2016," she said.

Lagarde also struck a pessimistic note over medium-term growth prospects, citing low productivity, aging populations and the effects of the global financial crisis.

Some developed countries, particularly in Europe, were afflicted by high debt levels, low investment and weak banking sectors, she said. At the same time, following years of credit and investment boom, many emerging markets were under pressure to reform their economies to better adapt to new monetary conditions, according to Lagarde.

The IMF boss said the start of normalization of US monetary policy and China's restructuring of its economy towards consumption-led growth were "necessary and healthy" changes but needed to be carried out as efficiently and smoothly as possible.

'Spillover effects'....................

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