Lagarde: “The world economy is at risk of entering a spiral of uncertainty”

Beijing, November 9, 2011
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International Monetary Fund (IMF) Director Christian Lagarde acknowledged that a spiral of global financial instability is possible.

This potential problem that would affect the lives of millions of people worldwide can come true if countries economies do not cooperate and work together, Lagarde said.

“If we don’t act together, the world economy is at risk of plunging into a spiral of uncertainty and financial instability”.

“The world economy has entered a dangerous and uncertain phase and we are all in the same boat and our destiny is growing or falling together,” she said.

Mrs. Lagarde added that Asia is not immune from the impact of global crisis and so China needs a stronger currency.

The Asian giant is “on track in reducing internal vulnerabilities moderating credit growth and increasing provisions and capital,” she added.

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