Emerging Markets and International Monetary Fund

: Meanwhile, what global recovery there is remains desperately uneven across the G-20, with the U.S. picking up pace as Europe is only now emerging from crisis, and top emerging markets like Russia and Brazil find themselves mired in recession, according to The Japan Times. The major challenge facing the global economy is that growth remains moderate and uneven, said International Monetary Fund Managing Director Christine Lagarde. The two-day gathering in the Turkish capital of Ankara came less than a month after China shocked financial markets with a surprise devaluation of its currency, triggering global jitters about declining growth and slumping stocks in the world No. 2 economy. The current economic situation is characterized by the word uncertainty, she said. But, in a clear nudge to Beijing, it also urged states to avoid competitive currency devaluations that will give an unfair advantage to domestic exporters. The final G-20 communique unsurprisingly steered clear of any specific mention of China. (news.financializer.com). As reported in the news.