Suggesting countries to adopt a more sustainable to economic growth, International Monetary Fund (IMF) has warned that today world is facing major risk of crisis.
International Monetary Fund President Christine Lagarde has revealed such a conclusion ahead of the Rio+20 Earth Summit.
Laggard said that right now he said the world faces the risk of a triple crisis of declining income, environmental damage and social unrest. The rich should restrain their demands for higher incomes while there are still 200 million people worldwide looking for a job and poverty is on the rise. Lagarde argued for increasing taxes on petrol-guzzling cars as one of the measures to tackle climate change.
She said the current economic crisis in Europe and slowing growth worldwide, coupled with the growing threat from climate change and social tensions could wreck the efforts of leaders to chart a more sustainable future.
Commenting about the polluting energy, she said that today many countries continue to polluting energy systems and these subsidies are costly for the budget and costly for the planet.
She said that it is need today that countries should reduced them but it should be in their mind that they must protect vulnerable groups by tightly focusing subsidies on products used by poorer people and by strengthening social safety nets.
Over the past four years, we have been mired in the worst economic crisis since the Great Depression. And we are not out of it yet, she added.
(With inputs from ANI)
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