Monthly Briefing on the World Economic Situation and Prospects, No. 13
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October 2009
Summary:
- The global recovery remains fragile and requires sustained policy support, as agreed by G20 leaders at the Pittsburgh Summit.
- The recovery in some Asian economies has lost some of its momentum, as reflected in weaker exports and imports.
- Unemployment continues to rise worldwide.
- Widespread hunger is looming in East Africa.
G20 leaders have recognized that the global recovery remains fragile over concerns that the modest signs of recovery are almost entirely on account of the fiscal stimulus, that there are still important financial sector problems to be resolved and that unemployment remains on the rise worldwide. The leaders pledged to sustain a strong policy response and avoid a premature withdrawal of stimulus. In order to avoid the re-emergence of unsustainable global imbalances and untenable levels of public indebtedness, G20 leaders launched a "Framework for Strong, Sustainable, and Balanced Growth", which is meant to guide coordination of national policies in order to avoid a return to the unsustainable patterns of growth and financial disequilibria that led to the global crisis.
Download the World Economic Situation and Prospects Monthly Briefing No. 13
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