Christine Lagarde, the managing director of the International Monetary Fund (IMF), today said a "three-speed" global economy was emerging, as countries struggling with reforms slipped further and further behind.

"The differences between regions are starker than ever," Lagarde told an audience at the Economic Club of New York. She said emerging markets and developing economies were leading the way, having learned from previous crises to bounce back quickly from the global financial crisis.

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