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2011-09-09 09:14:22
International Monetary Fund chief Christine Lagarde has urged "bold action" on
the faltering world economy, ahead of a meeting of the G7 group of leading
economies.
The G7 is meeting in Marseille to consider a "coordinated response".
The two-day meeting comes as the Organisation for Economic Co-operation and
Development predicted a global slowdown this year.
Europe is also struggling with a sovereign debt crisis.
"The key message I wish to convey today is that countries must act now - and
act boldly - to steer their economies through this dangerous new phase of the
recovery," Ms Lagarde said in London, before flying to the G7 meeting.
She also praised President Barack Obama's new $450bn ( 282bn) jobs plan to try
to boost the world's largest economy.
"All this is happening at a time when the scope for policy action is
considerably narrower than when the crisis first erupted," she said. "But while
the policy options may be fewer, there is a path to recovery."
No communique will be issued after the talks, according to French Finance
Minister Francois Baroin.
Earlier, Japanese Finance Minister Jun Azumi said he would explain his nation's
intervention to stem the increase in its currency, which has hurt its
exporters.
"Japan's economy has been steadily recovering, but I'm concerned that it is
showing some signs of downturn due to the yen's rise," Mr Azumi said.
"I want to share the view that it would be bad for the world economy if Japan's
economy faces downturn."
The OECD predicts the G7 economies will grow by just 0.2% in the last three
months of the year.
The group also expects 0.3% growth in the UK in the fourth quarter, but said
the economy could contract by as much as 1%.