L'AQUILA, Italy, July 8 (Xinhua) -- Leaders from the
Group of Eight (G8) rich countries said on Wednesday that the world economy
still faces significant risks despite signs of stabilization.
"While there are signs of stabilization, including a
recovery of stock markets, a decline in interest rate spreads, improved business
and consumer confidence, the situation remains uncertain and significant risks
remain to economic and financial stability," the leaders said in a declaration
concluding their first-day meeting at a summit in the central Italian town of
L'Aquila.
Germany's Chancellor Angela Merkel is
pictured at the opening of a round table session at the G8 summit in
L'Aquila July 8, 2009. (Xinhua/Reuters Photo) Photo Gallery>>>
The financial crisis, which broke out last autumn,
has dragged the global economy in a deep recession that the world has never seen
since the World War II, prompting governments to take unprecedented and
concerted action to ensure recovery and repair financial systems.
In a forecast released Wednesday, the International
Monetary Fund (IMF) sounded upbeat about a recovery next year, saying global
economy is starting to pull out of the recession.
Italian Prime Minister Silvio Berlusconi
(R) and French President Nicolas Sarkozy arrive at the main conference
hall of the G8 summit in l'Aquila, Italy, July 8, 2009. Leaders of the G8
industrialized countries began their summit on Wednesday, with the world
economic crisis and climate change at the top of their three-day agenda.
(Xinhua/Pool) Photo
Gallery>>>
It was estimated that the world economic growth will recover
to 2.5 percent in 2010, rather than the 1.9 percent predicted in a
previous forecast.
However, the IMF still expects the global economy to
contract 1.4 percent this year, signaling the recovery would be sluggish.
U.S. President Barack Obama (L) and
British Prime Minister Gordon Brown arrive at the main conference hall of
the G8 summit in l'Aquila, Italy, July 8, 2009. Leaders of the G8
industrialized countries began their summit on Wednesday, with the world
economic crisis and climate change at the top of their three-day agenda.
(Xinhua/Pool) Photo
Gallery>>>
"The global economy is beginning to pull out of a
recession unprecedented in the post-World War II era, but stabilization is
uneven and the recovery is expected to be sluggish," the Washington-based
institution said.
In face of significant risks, the G8 leaders pledged
to take necessary steps, including further stimulus measures, to return the
global economy to a strong, stable and sustainable growth path, adding fiscal
sustainability in the medium term should also be ensured.
President of the European Commission
Jose Manuel Barroso (L) and Sweden's Prime Minister Fredrik Reinfeldt,
whose country is holding the rotating presidency of the European Union,
attend a joint news conference in L'Aquila, Italy, July 8, 2009. The press
conference prior to the G8 summit, to be held here on July 8-10, covered
major topics to be discussed during the summit. (Xinhua/Zeng
Yi) Photo
Gallery>>>
"We will take, individually and collectively, the
necessary steps to return the global economy to a strong, stable and sustainable
growth path, including continuing to provide macroeconomic stimulus consistent
with price stability and medium-term fiscal sustainability," they said.
The leaders also agreed on the need to prepare
appropriate "exit strategies" for unwinding the extraordinary policy measures
taken to respond to the crisis once the recovery is assured.
L'AQUILA, Italy, July 8 (Xinhua) -- Leaders from the Group
of Eight (G8) rich countries are expected to agree on a target of limiting
global warming to within two degrees Celsius above pre-industrial levels,
according to a draft declaration for the summit on Wednesday.
"We recognize the broad scientific view that the increase
in global average temperature above pre-industrial levels ought not to exceed 2
degrees," the draft said. Full story
L'AQUILA, Italy, July 8 (Xinhua) -- International aid
organizations urged here on Wednesday the Group of Eight (G8) member states to
honor their commitment to Africa.
At the 2005 G8 summit in Gleneagles, Scotland, leaders of
the wealthiest countries signed a declaration which pledged a total of 50
billion U.S. dollars in assistance to Africa by 2010.Full story
L'AQUILA, Italy, July 7 (Xinhua) -- Leaders of the
Group of Eight (G8) and Group of Five (G5) are expected to agree here at their
summit to conclude the eight-year Doha round of trade talks next year, according
to a draft communique obtained by Xinhua.
"Leaders commit to reaching an ambitious and balanced
conclusion to the Doha round in 2010, consistent with its mandate, building on
progress already made on modalities," said the draft for Thursday's meeting of
the G8 plus G5. Full story
ROME, July 7 (Xinhua) -- World leaders are expected
to pledge 10 to 15 billion U.S. dollars to help feed the poorest people in the
developing countries at a summit this week, Italian Prime Minister Silvio
Berlusconi said on Tuesday.
"We hope to approve an initiative for food security
in the world. We will approve about 10 to 15 billion U.S. dollars for all the
people in the world who are suffering from hunger," the Italian premier told a
news conference. Full story
Security members guard on the road to
the makeshift media village for 2009 G8 summit in L'Aquila, Italy, July 7,
2009. Media personnel from across the world began to swarm into the media
village in L'Aquila, the quake-stricken capital of central Italy's Abruzzo
region where 2009 G8 summit and other related international meetings will
be held from July 8 to 10. (Xinhua/Zeng Yi) Photo Gallery>>>
L'AQUILA, Italy, July 7 (Xinhua) -- Leaders from the
Group of Eight (G8) industrialized countries and emerging economies are expected
to make a new push for reform of the global financial system when they meet for
a summit as from Wednesday.
While the venue for the summit, namely the Italian
town of L'Aquila, is an earthquake-stricken area which is still under
reconstruction, the global financial system and the world economy also need
rebuilding amid the financial crisis. Full story
L'AQUILA, Italy, July 8 (Xinhua) -- A total of 14
developing countries have been invited to participate in the upcoming G8 summit,
marking the increasing influence of developing countries on the so-called rich
club.
Italy wanted to make the Group of Eight (G8) more
relevant by strengthening its relations with international groups, said a senior
Italian diplomat. Full story
