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G-7 finance ministers warn recovery 'fragile'

G-7 finance ministers wa

OCTOBER 3, 2009 19:15

The world economy is growing faster than expected, but the recovery remains "fragile" and threatened by rising unemployment, finance ministers from the Group of Seven rich countries said after they concluded their meeting Saturday. They said in a joint statement that decisive actions had improved conditions for the economy and financial markets. But they warned "there is no room for complacency since the prospects for growth remain fragile and labor market conditions are not yet improving." Stimulus measures such as government deficit spending and rock-bottom interest rates have helped the world economy bounce back from the deepest recession since World War II, and the International Monetary Fund this week urged governments to keep these in place until the recovery has been firmly established. The finance ministers agreed they will keep support measures "until recovery is assured."

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