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G8 finance ministers discuss stabilising of economies

June 30, 2009 by admin  
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According to a recent report G8 finance ministers have stated that major economies around the world are starting to stabilise following the turbulence and chaos caused by the global financial crisis and the recession, the UK being one of these economies.

However, the minister also said that there was a way to go yet for these economies, and due to the global recession they still faced major risks, so were not out of the woods just yet.

The G8 ministers were speaking recently at a meeting of G8 nations in Italy. Ministers had stated at the meeting that there had been many encouraging signs for the world’s major economies, and this included increased consumer confidence, stable interest rates, and increasing stock markets. However, whilst the prediction from the G8 ministers was encouraging the UK Treasury chief, Tim Geithner, warned that economic stimulus packages had to be continued for now, as it was too early to stop measures such as these.

Geithner said that stimulus packages to try and boost economies needed to be kept in place until global recovery was well underway. The G8 finance ministers agreed that despite some encouraging data and figures the economic outlook for major economies was stabilising but was still very uncertain.

At the end of the meeting in Italy the ministers said: “Significant risks remain to economic and financial stability.”

The issue of rising unemployment was brought up with ministers stating that even if output growth increases the level of unemployment could still continue to rise, further impacting on economic recovery.

In a statement the finance ministers said: “We have taken forceful and co-ordinated action to stabilise the financial sector and provide stimulus to restore economic growth and there are signs of stabilisation in our economies.”

Tags: economies, report, Tim Geithner, G8, Ministers

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