Asking the world's 20 biggest economies to take urgent action to support growth and jobs, IMF chief Christine Lagarde yesterday flagged the concerns of weakening growth prospects in emerging market economies.
Lagarde said the G20 Finance Ministers and Central Bank Governors meeting has taken place at a time of renewed uncertainty for the global economy amidst rising financial market volatility, declining commodity prices, depreciating currencies in some countries, and China's growth transition
"Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April," she said after the meeting.
The major challenge facing the global economy is that growth remains moderate and uneven, she said, adding that for the advanced economies, activity is projected to pick up only modestly this year.
"For the emerging market economies, prospects have weakened in 2015 relative to last year, though some rebound is projected next year. For both the advanced and emerging economies, productivity growth continues to be low," Lagarde said but did not name any country.
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