POLICYMAKERS AROUND THE WORLD SHOULD take deadly serious the latest warning by the International Monetary Fund (IMF) that the world economy has entered a "dangerous new phase".

Three years after the collapse of Lehman Brothers threw the world economy into the worst recession in more than 70 years, global growth is now increasingly threatened by a double-dip recession that could and should be avoided.

Thanks to stronger growth in China, India, Brazil and other developing countries that may offset weaker output in the United States and Europe, the IMF predicts global growth of 4 percent for this year and next.