G7 Sees End of Economic Crisis

Manila Bulletin, April 26, 2009 | Go to article overview

G7 Sees End of Economic Crisis


WASHINGTON (AFP) – World finance officials meeting in Washington Friday said they expected the global economic crisis to begin to unwind by year-end, citing encouraging early signs of recovery.The Group of Seven major economies said the worst global slump since the 1930s Great Depression appeared to be approaching a bottom but also warned the outlook remained highly uncertain.''Recent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging,'' the G7 finance chiefs said in a statement after their meeting.''Economic activity should begin to recover later this year amid a continued weak outlook and downside risks persist.'' The G7 – Britain, Canada, France, Germany, Italy, Japan and the United States – said they were ''committed to act together to restore jobs and growth and to prevent a crisis of this magnitude from occurring again.''A subsequent meeting of the Group of 20, which includes the G7 and developing countries such as Brazil, China, India and Russia, ended without a statement.As part of efforts to tackle the crisis, the G7 said they would continue to provide and increase resources for the International Monetary Fund and other multilateral institutions to ensure they could help restore global financial stability.''We will take whatever actions are necessary to accelerate the return to trend growth (rates) while preserving long-term fiscal sustainability,'' the G7 said, apparently referring to concerns that governments are taking on too much debt to fund economic stimulus programs.They also agreed to continue, ''as needed, to restore lending, provide liquidity support, inject capital into financial institutions, protect savings and deposits and address impaired assets.''The current crisis was ''the deepest and most widespread economic downturn and financial stress witnessed in decades,'' the G7 said, saying they ''have acted resolutely to support growth and restore confidence in the financial system and the flow of credit.''The G7 hailed the contribution of ''many countries,'' including China, in the fight against the global economic crisis and pledged to work toward increasing their clout in international financial institutions. …

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