G20 Near Deal to Open Economies to Scrutiny

Treasury seeks billions to help IMF prop up struggling nations

(NEWSER) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion to help the IMF aid the worst-hit economies, and urged other leaders to substantially increase their contributions. More»

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»