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International Monetary Fund Managing Director Christine Lagarde says there is a fragile worldwide economic recovery underway, but that risks remain high. Lagarde spoke in Washington as the annual IMF and World Bank spring meetings get underway.
Lagarde said, "Looking at the world economic situation, it’s obviously very diverse, and if I was to use a weather analogy, because we are all very fond of weather reports, we are seeing light recovery blowing in a spring wind. But we are also seeing some very dark clouds on the horizon, which is another way to tell you that there is a bit of a recovery - timid, and a fragile situation with still high risks."
International Monetary Fund Managing Director Christine Lagarde speaks during a briefing. Lagarde said Thursday that the global lender needs solid support from Cairo's authorities for a truly viable program if it is to lend Egypt money.
Lagarde said risks to the global economy include high unemployment, slow growth, Europe’s economic woes, and the potential for higher oil prices. Speaking about Europe, Lagarde welcomed recent reforms and called for their implementation.
Meanwhile, delivering the last news conference of his five-year term as World Bank President,Robert Zoellick said further action is needed within the eurozone. He said actions by the European Central Bank had bought some time, but that more reforms are needed to support growth in their economies.