DUBAI: IMF chief Christine Lagarde today gave a clarion call for countries to create the required environment for job creation, warning that unemployment can trigger dangers of youth radicalisation and deeper poverty.Asserting that memories of the 2008 financial crisis are "still alive and not gone away", Lagarde, the managing director of the International Monetary Fund (IMF), underlined the need to learn lessons from the recent global shift towards protectionism. "People without jobs can lead to conditions like countries going deeper into poverty and radicalisation," she said.In his address to the World Economic Forum (WEF) in Davos last month, Prime Minister Narendra Modi had said "many countries are becoming inward focused and globalisation is shrinking and such tendencies can't be considered lesser risk than terrorism or climate change".Lagarde was speaking at a session entitled 'Navigating a Shifting Global Landscape' on the opening day of the fifth World Government Summit 2018 here.Besides Prime Minister Modi, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai were present at the session. "Globalisation has been largely a force for good -- it lifted millions out of poverty. Yet, to sell globalisation to democratic voters, honest facts, figures, and an actual assessment of the reality matters. Lifelong learning needs to be at the centre of any efforts to make globalisation work for everyone," she said.Speaking on regulation of markets and banking of financial companies and banks, Lagarde said there is need to regulate activities and not entities.

Source: Economic Times February 11, 2018 13:52 UTC