BERLIN (MNI) – Uncertainty continues to plague the world economy as
unemployment reaches record levels in some countries and many industrial
nations are struggling to cut deficit spending, German Chancellor Angela
Merkel and the heads of five international organizations said Tuesday.
“The recovery of the global economy continues down an uncertain
path,” the leaders said in a joint press release after a meeting here.
“The future outlook is unclear.”
The meeting was attended by IMF Managing Director Christine
Lagarde, World Bank President Jim Yong Kim, WTO Director-General Pascal
Lamy, OECD Secretary General Angel Gurria and ILO Director General Guy
Ryder.
Together they called for “concrete steps” to restore trust in
governments’ finances and improve growth and employment prospects,
including structural reforms.
“For the Eurozone, this depends on moving forward with European
monetary union through comprehensive reform measures to bring about more
growth and competitiveness,” they said.
The United States needs to lay out a “credible path” toward
medium-term fiscal consolidation, while developing countries must shift
their economies towards more “inclusive and sustainable” growth.
— Frankfurt bureau: +49 69 720 142; email: ccermak@mni-news.com —
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