G20 Near Deal to Open Economies to Scrutiny

Economic powers set goals for reducing public debt

(NEWSER) - The leaders of the Group of 20 nations wrapped up their 2-day summit today in Toronto, striking an agreement to reduce deficits over the next 3 to 6 years without endangering the global economic rebound. The major economic powers vowed to cut their deficits in half by 2013 and "stabilize" debt by 2016 while saying the reductions would be "carefully calibrated to sustain the recovery," reports the Washington Post . More»

World economy is growing, but recovery will be slow

(NEWSER) - The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at a 9% clip and the US at 1.5%. Nevertheless, the institution warned that growth will be "sluggish, credit-constrained and, for quite some time, jobless." More»

(AP) - The world economy is likely to shrink this year for the first time in 6 decades, says the International Monetary Fund in projecting a 1.3% drop in a dour forecast today. That could leave at least 10 million more people around the world jobless, some private economists said. "By any measure, this downturn represents by far the deepest global recession since the Great Depression," the IMF said in its latest World Economic Outlook. More»

(NEWSER) - President Obama touted the resolutions of the G20 summit today in London, saying swift and muscular action was needed to reverse the global economic downturn, the AP reports. Steps like the injection of funds into the IMF and the creation of a global regulatory body “were necessary,” he told a packed press conference. “Whether they were sufficient, we’ve got to wait and see.” More»

French, German demands for regulation are final sticking point

(NEWSER) - G20 leaders have nearly completed an agreement to confront the global financial crisis, reports the Times of London. Gordon Brown opened the summit by saying that the draft communique already prepared reflected "a high degree of consensus between us." The British PM said that the leaders needed to focus today on global financial regulation—which France and Germany said again last night must be beefed up if they are to sign the deal. More»