IMF says governments need to do more to stimulate economic growth

Washington-based organisation said policy reforms and investment are the only means of raising growth to pre-crisis levels

The International Monetary Fund has warned that the world's major economies risk a long period of low growth unless governments do more to overcome the after-effects of the financial crisis and the longer-term problem of ageing populations.

The Washington-based organisation, best known for acting as lender of last resort to Greece, Ireland and Portugal, said without a switch to policies that spur growth, governments would struggle to shift excessive debts and cut long-term unemployment.