International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn on Thursday warned the world economy is still in a "dangerous place," and recovery, although faster than expected, is still fragile.

"The world is still a dangerous place and I would not like that too many people have in mind that the crisis is over," Strauss- Kahn said to reporters on the fringes of an annual spring summit of the IMF and World Bank.

He identified risky areas such as high unemployment, especially in some advanced economies where it continued to rise, public indebtedness, and the fragility of recovery in G-7 and other advanced economies.

He admitted cooperation at the global level to confront the worst economic downturn in decades has borne fruit, as the IMF is forecasting a 4.2 percent growth of world economy next year.

"Multilateralism and political policy cooperation is obviously the great legacy of this crisis and ... it has to be maintained in a post-crisis world," said he.

He called for agreement in three key areas of reform by the end of this year, namely liquidity and capital, tools to address systemic risks, and cross border resolution issues.