Lagarde: Global growth “likely to be weaker”

<p>Global economic growth may be weaker than expected, according to Christine Lagarde.</p>

Global growth is not looking to gain much momentum in the near future and may soften further as the financial woes faced by the eurozone and US continue.

This is according to head of the International Monetary Fund Christine Lagarde, who said in Washinton DC yesterday (September 24th) that while a steady recovery has been forecast, progress between now and the end of the year may be less than expected.

"Global growth will likely be a bit weaker than we had anticipated," she stated.

Ms Lagarde did, however, welcome the measures taken by eurozone governments to get to grips with the ongoing sovereign debt crisis.

Furthermore, while 2013's global economic growth outlook has been cut to 3.9 per cent, its 2012 forecast remains unchanged at 3.5 per cent.

At 08:40 BST this morning, the major European benchmarks opened lower, with the Frankfurt Dax retreating 0.1 per cent to 7400.7 points and the Paris Cac 40 losing 0.2 per cent to 3490.2 points.

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