Finance ministers and central bank heads from the world's seven major economies pointed to signs that their countries are emerging from a crisis that has led the world into its first recession in 60 years, and in a draft statement today promised to do everything possible to quicken the pace, according to dpa. The Group of 7 (G7) ministers said they expect their economies to start growing again by the end of this year, sounding a more optimistic note than the International Monetary Fund (IMF), which earlier this week forecast that any recovery will only get underway in 2010. "Recent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging," read a draft statement from the G7 obtained by dpa. Finance and central bank heads from the wider G20 bloc, which brings together advanced and emerging powers, are set to hold a closed-door meeting later Friday. The gatherings have been billed as a stock-taking exercise after world leaders from the G20 held an emergency summit in London earlier this month. For most purposes, the G20 has effectively replaced the smaller G7 as the top group for countries to coordinate their rescue efforts in this massive economic crisis. In a nod to the role of emerging powers like China and India in keeping the global economy running, the G7 statement said it "welcomed" the outside contribution and would work to expand the role of developing countries in the international financial institutions. The G7 promised to "take whatever actions are necessary to accelerate the return to trend growth" but made no new policy announcements. The G20 summit earlier this month promised a 1-trillion-dollar infusion into world financial institutions, including the IMF, to help countries that can't manage the global recession on their own.
