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17 April 2024

IMF head Christine Lagarde stresses need for economic diversification

By Wam

A focus on resilience, which includes economic diversification, is key for governments to prepare themselves in these uncertain times, said Christine Lagarde, Managing Director of the International Monetary Fund, during a session attended by Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

Leading a keynote conversation at a session entitled ‘Navigating a Shifting Global Landscape’ on the opening day of the fifth World Government Summit 2017 in Dubai, Lagarde stressed the need to learn the lessons from the recent global shift towards protectionism.

She said: "Policy makers need to focus their energies on those who have not benefited from globalization and those who are at risk of losing their incomes through future automation. Globalization has been largely a force for good – it lifted millions out of poverty. Yet, to sell globalization to democratic voters, honest facts, figures, and an actual assessment of the reality matter. Lifelong learning needs to be at the center of any efforts to make globalization work for everyone."

Lagarde praised the drive of Dubai and the UAE to diversify their economies, including the introduction of value-added tax (VAT), as well as their willingness to address important political issues through open and honest dialogue. She said: "Events such as the World Government Summit are a tribute to the tolerant and innovative spirit of Dubai."

Also attending were Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Dr. Amal Abdullah Al Qubaisi, Speaker of Federal National Council (FNC), Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chief Executive of Emirates Group, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Mohammed bin Rashid Al Maktoum Foundation, Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future ,Sheikhs, ministers and senior officials.