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Global economy may be in 'softer patch': Lagarde

05 june 2013, 19:00
0
Christine Lagarde, Managing Director of IMF. ©AFP
Christine Lagarde, Managing Director of IMF. ©AFP
The head of the International Monetary Fund, Christine Lagarde, warned Tuesday the global economy may be slowing more than thought just over a month ago, AFP reports.

There are "some glimpses of more somber trends. Recent data, for example, suggest some slowdown in growth," Lagarde said in a speech at the Brookings Institution, a Washington think tank, according to the prepared text.

The IMF managing director recalled that the Fund in April projected the global economy would grow 3.3 percent in 2013, but that she had spoken of "the fragile and uneven recovery that is taking place."

On Tuesday, the IMF slightly lowered its growth forecast for France, a day after halving its estimate for Germany, Europe's largest economy, to a mere 0.3 percent.

In late May, the IMF also cut its projection for China, the main engine of the world economy, to around 7.75 percent from 8.0 percent.

"We could be entering a softer patch," Lagarde said, noting that the 17-nation eurozone, which has been in recession for six consecutive quarters, remained the main area of concern.

"Overall, the region is operating at 'zero speed,'" she said. "Going forward, the indicators are not encouraging either."

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