Economics
Lagarde Calls Turn Away From Globalization World’s Top Challenge
- Poor countries hardest hit by protectionism, IMF chief says
- Low growth, inequality stoking rise of populism, she says
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The risk of countries turning their back on global cooperation is the biggest challenge facing the world, as low growth and rising inequality fuel the rise of populism, said IMF Managing Director Christine Lagarde.
“It did not take the Brexit vote to understand that low growth, rising inequality, and a lack of jobs have combined with social and geopolitical concerns to fuel the rise of populism and inward-looking forces,” Lagarde said in the text of a speech Thursday at the Center for Global Development in Washington. “The greatest challenge we face today is the risk of the world turning its back on global cooperation -- the cooperation which has served us all well.”