IMF Warns World Faces Triple Crisis

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Ahead of the Rio+20 Earth Summit this month, the head of International Monetary Fund Christine Lagarde has warned that the world risks a triple crisis. The trio includes declining incomes, environmental damage, and social unrest. She stated these were unavoidable unless countries adopt a more sustainable approach to economic growth.

She emphasized the rich must control their greed for higher incomes considering the 200 million people across the globe are searching for job while poverty is on the rise. She said,

“Over the past four years, we have been mired in the worst economic crisis since the Great Depression. And we are not out of it yet.

“In fact, tensions are on the rise again, and financial stability risks have once more moved front and centre. Great uncertainty hangs over global prospects.”