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Friday, 3 April 2009

The worst is 'behind us'

LONDON - THE worst of the economic crisis gripping the world is 'behind us,' Canadian Prime Minister Stephen Harper said on Thursday at the close of G-20 crisis talks.

'The worst aspects of instability, I do believe are behind us,' Mr Harper told a press conference. 'We're seeing some degree of stability.'

'Stability is different than recovery,' he noted, pointing to still-rising job losses.

'But we're seeing a significant degree of stability. I'm optimistic that as fiscal and economic measures kick in, we will begin to see more positive news.'

Mr Harper said leaders of the Group of 20 industrialised nations and biggest emerging economies agreed at the London summit on 'very complete and very strong' measures to stimulate the global economy.

The international community's response to the economic crisis, he said, has been 'unprecedented, coordinated, and fast,' and should give financial markets 'an awful lot of confidence.'

Earlier, British Prime Minister Gordon Brown announced that G-20 nations would inject a US$1 trillion stop-gap into the sagging global economy. -- AFP

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