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Global economy World is at risk of 'economic derailment', says IMF

"The IMF’s latest reading of the global economy shows once again a weakening baseline," IMF's deputy leader, David Lipton said in a speech at the National Association for Business Economics in Washington.

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Deputy Leader, David Lipton play

Deputy Leader, David Lipton

The International Monetary Fund warned on Tuesday that the global economy faces a growing "risk of economic derailment," as slow growth in China continues.

"The IMF’s latest reading of the global economy shows once again a weakening baseline," IMF's deputy leader, David Lipton said in a speech at the National Association for Business Economics in Washington. "We are clearly at a delicate juncture."

READ MORE: IMF boss predict ‘disappointing and uneven’ global economic growth in 2016

He said the "risks have increased further, with volatile financial markets and low commodity prices creating fresh concerns about the health of the global economy."

According to him, these concerns are partly fed by concerns that policy makers in emerging markets have run out of ammunitions.

He said for the sake of the global economy, "it is imperative that advanced and developing countries dispel this dangerous notion by reviving the bold spirit of action and cooperation that characterized the early years of the recovery effort."

Lipton said what is needed is a three-pronged approach through monetary and fiscal policies, as well as structural reforms to strengthen the baseline and guard against the risks.

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