British PM, Gordon Brown has urged the world leaders to make a strong and clear commitment to increase effforts for boosting growth. He asserted today that the world economy is at a 'critical jucture'.
Addressing finance officials from the Group of 20 rich and developing countries at the start of their talks , Brown warned against ""complacency or overconfidence" in the face of mounting signs of at least a modest economic upturn.We meet at a critical juncture for co-operation in the global economy," Brown told officials from countries representing 80 percent of the world's output. "The G-20 needs to agree on a clear and unambiguous mandate for itself to give priority to the resumption of global growth and to help countries achieve sustainable growth going forward.
Japan, Germany, France and Australia all recording growth in the second quarter. Britain is widely expected to do so in the third quarter.
The International Monetary Fund has said that the global economy is beginning a sluggish recovery from its worst recession since World War II. The IMF last month increased its estimate for global economic growth in 2010 to 2.5 percent, from an April projection of 1.9 percent. But it also downgraded its forecast for this year to a contraction of 1.4 percent, from 1.3 percent.
The timing of a so-called exit strategy from the recent massive economic stimulus to drag the world economy out of recession is not yet agreed upon.
Germany has pushed for the G-20 to start talking about when and how they will withdraw stimulus measures, but others have warned that withdrawing the massive amounts of money injected into the ailing world economy any time soon could risk a double-dip recession. Pulling back the stimulus too late, however, risks corrosive inflation, some think.
Addressing finance officials from the Group of 20 rich and developing countries at the start of their talks , Brown warned against ""complacency or overconfidence" in the face of mounting signs of at least a modest economic upturn.We meet at a critical juncture for co-operation in the global economy," Brown told officials from countries representing 80 percent of the world's output. "The G-20 needs to agree on a clear and unambiguous mandate for itself to give priority to the resumption of global growth and to help countries achieve sustainable growth going forward.
Japan, Germany, France and Australia all recording growth in the second quarter. Britain is widely expected to do so in the third quarter.
The International Monetary Fund has said that the global economy is beginning a sluggish recovery from its worst recession since World War II. The IMF last month increased its estimate for global economic growth in 2010 to 2.5 percent, from an April projection of 1.9 percent. But it also downgraded its forecast for this year to a contraction of 1.4 percent, from 1.3 percent.
The timing of a so-called exit strategy from the recent massive economic stimulus to drag the world economy out of recession is not yet agreed upon.
Germany has pushed for the G-20 to start talking about when and how they will withdraw stimulus measures, but others have warned that withdrawing the massive amounts of money injected into the ailing world economy any time soon could risk a double-dip recession. Pulling back the stimulus too late, however, risks corrosive inflation, some think.
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