PARIS: International Monetary Fund Chief Christine Lagarde has urged France and other countries to push through reforms 鈥渨hile the sun is shining鈥� on the global economy.
In an interview with France鈥檚 Le Journal du Dimanche published Sunday, Lagarde said the strength of the global economic recovery had taken the IMF by surprise.
鈥淚n 2017, for the first time in a long time, we revised our growth forecasts upwards whereas previously we used to lower them,鈥� she said.
Global growth of 3.6 percent was both 鈥渟tronger and more widely shared鈥� in 2017, she said, noting that developed economies were now growing again under their own steam and no longer merely being pulled along by demand in emerging markets.
Lagarde said the favorable climate lent itself to implementing reforms.
鈥淲hen the sun is shining you should take advantage to fix the roof,鈥� she said, using one of her favorite maxims.
This year鈥檚 global growth is on a par with the average of the two decades leading up to the global financial crisis.
The IMF has forecast a further slight improvement in 2018, to 3.7 percent.
In Lagarde鈥檚 native France, seen for years as one of Europe鈥檚 weak links, the recovery kicked in in earnest this year.
From 1.1 percent in 2016, growth is expected to rise to 1.9 percent in 2017 鈥� still short of the 2.4 percent forecast for the euro zone as a whole but better than the 1.6 percent initially forecast in the eurozone鈥檚 second-largest economy.
Centrist President Emmanuel Macron aims to consolidate the momentum and bring down stubbornly high unemployment with an ambitious program of labor, tax and welfare reforms.
Lagarde said the changes were key to boosting France鈥檚 credibility at a time when Macron is pushing for reforms at the European level, including closer integration among eurozone members.
The managing director of the IMF was France鈥檚 finance minister in 2008, when the euro looked to be in serious jeopardy.
Nearly 10 years later, the currency is out of the woods.
But, Lagarde warned, 鈥渢he mission has not been accomplished 鈥� and maybe never will 鈥� because Europe is not united on moving toward greater integration while maintaining national sovereignty.鈥�