• Home
• /
• UAE
• /
• Business

Growth not possible in isolation: IMF chief at Dubai event

Dubai - "Form alliances anywhere on the ladder as you make your way to the top, and once you break that glass ceiling, retain those alliances and become the champion for others."

Stand for yourself, don't be submissive, don't be overly aggressive, and it is helpful to pick a champion, Christine Lagarde, managing-director of the International Monetary Fund (IMF) told attendees at the 2016 Global Women's Forum in Dubai.
"I believe things don't happen in isolation. I believe that no matter how determined you are, or how willing you are, you need to have others with you," Lagarde said. "This is how I believe that progress can be made. The countries in which I have seen the most progress being made towards women empowerment have been in those countries where somebody at the top takes the view that everyone can succeed.
"Form alliances anywhere on the ladder as you make your way to the top, and once you break that glass ceiling, retain those alliances and become the champion for others. This, in turn, will create an incredible multiplier effect that will draw several others in any organisation," she stressed.
Lagarde also acknowledged that the UAE government has done an incredible job in empowering women across various sectors. She said that the UAE can set standards for other regions in the world for women empowerment, especially in the light of its recent achievements.
From a policy point of view, she noted that there are three factors that can lead to woman achieving her full potential.
These include changing rules in the legal system that prevent women from having the same rights as men, providing young girls with easy access to proper education, and ensuring that young girls have access to proper finance for their early education.
Speaking on the economic outlook in various regions in the world, Lagarde described Europe as an extraordinary construction with unfinished business.
"It is today facing a lot of internal issues and difficulties with external shocks. In a way it is very much at a crossroads where it has to decide collectively whether it wants to finish the job, and continue developing from a regulating and fiscal point of view. From a humanitarian point of view, it needs to decide on what position to collectively take in relation to countries such as Turkey, Jordan and Lebanon that are facing the hardship of a war that is taking place at their borders.
Lagarde also noted that while the beginning of the year has been difficult, the world is in a tepid recovery. "The global economy grew by 3.1 per cent last year and the forecast for this year is a little higher than three per cent, with the forecast for 2017 being higher than 2016.
It is tepid growth because the recovery that we have seen in the US, Europe, and Japan as well, could be better. If we look at the emerging market economies - besides India which is doing pretty well - they are either slowing down deliberately like China, or in a pretty weak position, whether it's Russia, Brazil or South Africa," she said.
rohma@khaleejtimes.com