BEIJING, Nov. 9 (UPI) — International Monetary Fund Director Christine Lagarde Wednesday said the global economy could be headed toward a “lost decade.”
“The global economy has entered a dangerous and uncertain phase,” Lagarde said at the 2011 International Finance Forum in Beijing, CNN reported.
“If we do not act, and act together, we could enter a downward spiral of uncertainty, financial instability, and a collapse in global demand. Ultimately, we could face a lost decade of low growth and high unemployment,” she said.
Lagarde warned that economies in Asia — currently a “real bright spot” — could falter.
“In our increasingly interconnected world, no country and no region can go it alone. We are bound together by our economic success — or failure,” she said.