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WORLD

Statement by IMF Managing Director Christine Lagarde

04.07.2012 [18:09]
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Baku, July 4 (AZERTAC). International Monetary Fund (IMF) Managing Director Christine Lagarde said U.S. economic growth is in the positive range but that growth is slow, caused by both the eurozone debt crisis and domestic stagnation on near-term tax and regulation policies.

The IMF chief made the remarks accompanying the release of the concluding statement by IMF staff following this year`s Article IV Consultation with the United States.

According to the U.S. Treasury Department, Article IV consultations usually take place once a year, when IMF economists gather information and hold discussions with government and central bank officials, private investors and labor representatives, and members of the legislature and civil society organizations and then present a report to the IMF executive board for discussion.

This year, the IMF recommended the U.S. undertake continued policy action to boost the economic recovery, including financial sector reform and fiscal responsibility.

Lagarde also highlighted the IMF`s support for a further extension of securities holdings.

The IMF report forecasts continued slow growth in the U.S. of around 2 percent this year, rising slightly to 2.3 percent in 2013.

At the same time, Lagarde warned, "Too strong a contraction of the U.S. economy...would have significant spillover effects outside the United States."

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