The G-8 is composed of the U.S., Japan, Germany, France, U.K., Canada, Italy and Russia. Representatives met over the weekend in Lecce, Italy to begin crafting an agenda for when a broader set of leaders meet on July 8-10.
The group acknowledged that they are now considering how to back out the swift rescue actions taken last year because the world economies are beginning to show signs of recovery.
"We discussed the need to prepare appropriate strategies for unwinding the extraordinary policy measures taken to respond to the crisis once the recovery is assured," the leaders asserted in a collaborative statement. "There are signs of stabilization."
"Early signs of improvement are encouraging, but the global economy is still operating well below potential and we still face acute challenges." said U.S. Treasury Secretary Timothy Geithner.
"There is a distinct shift in tone from the G-8" during this meeting, said Eswar Prasad, of the Brookings Institute.
"There are increased signs of stabilization in our economies," the G-8 re-emphasized. The group renewed their commitments to take "all necessary steps to put the global economy on a strong, stable and sustainable growth path."
Saturday, June 13, 2009
The G-8 Cites Recovery Signs
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GNE,
ReplyDeleteWhat do you think of the comments of some of the CEOs at top companies who state that they don't see any improvement yet and expect the recession to linger until next year? (see Carpe Diem post)
I agree with Mark J Perry's conclusions:
ReplyDeleteSee the article...
"Chief Executives See Recession Lingering to 1992," from the NY Times on May 12, 1991, two months after the July 1990-March 1991 recession ended.
Expect continuing and ongoing gloom and doom following the end of a recession. Consider it to be a lagging economic indicator.
Just because CEOs say it, doesn't mean it is so...
GNE
I suppose some industries and/or sectors of the economy will take longer to recover. I would expect commercial real estate to take quite a long time to bounce back since most of the loans are now coming due and we're just starting to see foreclosures (but that should lead to a boom in a few years as prices stablize).
ReplyDeleteI think some say it just for the attention. It's like people who love to talk about the time it snowed in July during a beautiful day. Some people are just big pains and get their kicks out of being a wet blanket!
ReplyDelete