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International Community must move ahead: IMF

The Managing Director of the International Monetary Fund said that the international community must move forward on trade issues that face the world today and should try to find a conclusion to the Doha round of talks.

business Updated: Mar 24, 2007 10:30 IST

The international community must move forward on trade issues that face the world today and should try to find a conclusion to the Doha round of talks, the Managing Director of the International Monetary Fund said.

IMF Managing Director Rodrigo de Rato said at the Wharton School of University of Pennysylvania on Friday that he was concerned about the world which if does not quickly move forward on trade, might have the risk of moving backward, to the narrow nationalism that characterises the depression era. It is very important to bring the Doha Round to a conclusion that delivers ambitious reforms.

While the economic fundamentals of the global economy may be good with India and China continuing to be the engines of growth in the developing world, there has been considerable financial market turbulence and it is critical that policy makers and investors are aware of the financial market risks, he said.

"The world has already seen several years of strong growth, and we in the International Monetary Fund expect that global growth will once again be close to 5 per cent in 2007," he said.

But there has been considerable financial market turbulence also, de Rota said.