The International Monetary Fund (IMF) Managing Director Christine Lagarde said on Thursday that policymakers around the world have to upgrade its economic policies to boost the economy.

"My key message to global policymakers: they need to upgrade their policy recipes to reinvigorate growth and reduce global uncertainty," she said.

Lagarde also said that the global economy is stuck in a "new mediocre" growth pattern despite the massive asset-buying programmes around the world. She added that there is little room for error.