IMF Chief: Global Economy ‘Weaker’ than Hoped, ‘Mediocre’ Growth Coming

"The global economy is weaker than we had hoped only six months ago. So there is recovery, don't get me wrong, but it's weaker than we thought. And we forecast modest pickup in 2015 as -- and that's an important factor -- the outlook for potential growth has been paired down ...

Among the advanced economies, clearly, the United States of America and, in Europe, the United Kingdom are leading the charge and are expected to be stronger. The recovery is much more modest in Japan, and it's weakest in the Euro area where the all disparities within the same currencies are.

Turning to the emerging and developing economies, they had been doing all the heavy lifting in the last five years. They've contributed roughly 80 percent of global growth in the last five years. And lead by Asia predominately, given the size and the growth, particularly China, they will continue to contribute massively ...

Six years after the financial crisis we continue to see weakness in the global economy. Countries are still dealing with the legacies of the crisis ...

There has to be a new momentum. A new momentum that will consist of putting set of bolder policies together in order to overcome what I would call 'the new mediocre.' And that's a risk if it stagnates as such if we have this horizon of new mediocre."