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Davos, Switzerland (AHN) – The International Monetary Fund joined 10 other economic bodies in warning of a threat to global economies posed by the austerity drives adopted by many governments around the world.

In an expression of concern over the weakness of global economic activity and rising unemployment, the head of the IMF, the World Bank and the World Trade Organization on Friday issued a statement warning about the economic and social risks of government austerity programs.

The leaders said they were issuing a “call to action” aimed at boosting economic growth and fighting protectionism. They said that governments needed to formulate policies to create jobs, reduce inequality and help to green the global economy to protect the Earth’s environments.

Christine Lagarde, head of the IMF, in a joint statement said that world economies faced “significant and urgent challenges.”

The statement was published ahead of the World Economic Forum’s annual meeting in Davos, Switzerland next week.

There are increasing concerns that the global economy is headed for another severe recession, in part because of the ongoing eurozone crisis.

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