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IMF chief Lagarde says risks to global economy have risen since G-7 summit

International Monetary Fund Managing Director Christine Lagarde said risks to the global economy have risen after the divisive meeting of leaders from the G-7 advanced economies.

"The clouds on the horizon that we have signaled six months ago are getting darker by the day, and I was going to say by the weekend. Some have to do with financial tightening, some have to do with the risk of capital-flow movements out of the emerging-market economies," Lagarde said during a news conference in Berlin with chiefs of global economic organizations and German Chancellor Angela Merkel.

Lagarde said the decline in confidence due to tensions over trade is the biggest risk to the global economy.

"International trade and open markets are necessary to spread growth impulses globally, to allow for global value chains to operate efficiently, and to create decent job and consumption opportunities on a broad scale. We will continue to work towards improving and strengthening the rules-based multilateral trading system and its role in global trade," according to a joint statement issued after a meeting between Merkel, Lagarde, World Trade Organization Director-General Roberto Azevêdo, OECD Secretary-General Angel Gurría, ILO Director-General Guy Ryder, World Bank Group CEO Kristalina Georgieva and AfDB President Akinwumi Adesina.