US warns over recession risks as G20 meeting starts

by
June 27, 2010

BBC NEWS

The US has said the world’s largest economies should focus on maintaining growth to avoid a double-dip recession.

As the G20 summit begins in Canada, US Treasury Secretary Timothy Geithner said Europe and Japan should boost domestic demand instead of cutting spending.

European leaders have said reducing government deficits is key to setting long-term growth on track.

But Brazil warned that steep budget cuts could harm emerging economies.

Speaking in Toronto, scene of the summit, Mr Geithner said the global economy was still emerging from its crisis and “the scars of this crisis are still with us”.

He said: “This summit must be fundamentally about growth.”

Cut or spend?

Emergency assistance that G20 leaders agreed on at previous summits at the height of the economic crisis must not be withdrawn too soon, he said.

To read more, visit: http://news.bbc.co.uk/2/hi/world/us_and_canada/10426747.stm

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