Emerging economies are facing a “new reality” that is significantly slowing the pace of economic convergence with the rich world and risks leading to further financial market volatility, the head of the International Monetary Fund has warned.
Christine Lagarde told an audience of senior monetary policymakers in Paris yesterday that, after years of success, developing economies needed to confront profound changes now under way.
“Growth rates are down and cyclical and structural forces have undermined the traditional growth paradigm,” Ms Lagarde told a Banque de France conference to mark the retirement of former governor Christian Noyer.
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