IMF’s Lagarde Sees 2013 as Defining Year Amid Weak Recovery

International Monetary Fund Managing Director Christine Lagarde said 2013 will be a “make-or-break” year as the world faces a slow economic recovery.

Hours after the IMF cut its global growth forecast to 3.5 percent and projected a second year of contraction in the euro region, Lagarde said uncertainties in the world economy need to be lifted.

“If we continue to act, 2013 will be a defining year in terms of finally getting beyond the crisis,” Lagarde said today in an address to the World Economic Forum in Davos, Switzerland according to her prepared remarks. “But more than that, I believe we are standing in the antechamber of a new global economy, marked by rapidly shifting circumstances and new modes of thinking.”

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