CANBERRA (AAP): Australia's Foreign Minister Kevin Rudd has told the United Nations the world's leaders need to look beyond the next election cycle and take the measures necessary to rebuild sustainable economic growth.
As the Australian stock market slumped yesterday after a brutal overnight sell-off on Wall Street, Mr Rudd also talked up the importance of the Asia-Pacific region as the new engine room of global prosperity.
In a speech to the UN General Assembly in New York on Thursday night (Friday AEST), he said the world's economic foundations were under threat.
aUnless together we can craft a path to sustainable global growth, and unless we avoid rolling economic crises and the continuing spectre of global recession, we will cut from underneath us the economic foundations of all that we seek to achieve through the global institutional order,a he said.
Mr Rudd pointed to an International Monetary Fund outlook released earlier this week which said the world economy was entering a adangerous new phasea in the aftermath of the 2008-2009 global financial crisis. …