G7: Economic Recovery to Start this Year

The Group of seven major economies – Britain, Canada, France, Germany, Italy, Japan and the United States expect global economic activity to begin to recover later this fiscal year after the deepest and most widespread economic downturn witnessed in decades.

From The U.S. Treasury Dept:”Recent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging,” the G7 finance officials said in a statement at a summit in Washington on Friday.

Economic activity should begin to recover later this year amid a continued weak outlook and downside risks persist.

The G7 members also said they would “take whatever actions are necessary to accelerate the return to trend growth (rates), while preserving long-term fiscal sustainability,” and reaffirmed their commitment to work and “act together to restore jobs and growth, and to prevent a crisis of this magnitude from occurring again.”

The G7 concluded with the need to avoid new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade organization (WTO) inconsistent measures to stimulate exports.

Statement of the G7 Finance Ministers and Central Bank Governors available here »

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