Global economy has entered a dangerous phase, says IMF chief

IMF Managing Director Christine Lagarde speaks at the Institute for International Finance, Beijing, China

The International Monetary Fund's Chief Christine Lagarde has praised economic progress in Asia, saying the continent is propelling the global recovery.

Ms Lagarde, who was speaking in Beijing on Wednesday, however, warned that Asia must carefully watch the financial crisis.

The IMF chief said that although she is encouraged by some of the steps taken by G-20 leaders a few days ago, the risks remain serious.

Christine Lagarde said that if timely action is not taken, states could enter a downward spiral of financial instability, and a collapse in global demand.

"We believe that the world economy has entered a dangerous and uncertain phase. Adverse feedback loops between the real economy and the financial sector have become prominent. And unemployment that in relation to USA because it is unusual has really advanced significantly unabated and remains unacceptably high."

Duration: 30″

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