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G8 prudent about recovery
 Le 29 june 2009
At their meeting of June, held in Lecce in Italy, the G8’s Finance Ministers welcomed the first signs of “stabilisation” in the world economy while calling for a continuation
of efforts to encourage recovery. According to the final press release: “There are signs
of a stabilisation of the economy, although the situation is still uncertain and significant risks remain to economic and financial stability.” The IMF is hoping for initial signs of recovery to become apparent in the first quarter of 2010: “A forceful and coordinated reorganisation of the banking system is now essential if confidence is to be restored”. The G8 expressed fears that unemployment would rise. “Even when production begins to increase, unemployment may continue to grow”, ministers said. IMF head, Dominique Strauss-Kahn, believes that unemployment “will peak in 2011” due to the time delay between the return of growth in “early 2010” and the impact of that growth on the labour market. While recovery plans have increased deficits, the difficult part will be to ensure that recovery is accompanied by a return to normality in the public finances.
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Commerce International - March 2010
No 61
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English 
