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Economic Powers Encouraged World Recession May Be Easing


Finance ministers from the world's leading economic powers say there are signs the global recession may be starting to ease.

Members of the Group of Seven industrialized nations met in Washington Friday, reaffirming their commitment to work together and to lift the world out of recession.

In a joint statement, the G7 ministers said recent data suggests the pace of economic decline appears to be slowing and that they are committed to restoring "jobs and growth and to prevent a crisis of this magnitude from occurring again."

Following the meeting, U.S. Treasury Secretary Timothy Geithner warned that what he called "the darkness that descended on the global economy" is far from over.

Geithner says countries must continue to push economic stimulus plans and ensure that consumers and businesses have access to loans.

Geithner and the G7 ministers also pledged to work on reforming the global financial infrastructure. Geithner said the United States plans to lay out several new proposals in the coming weeks.

The G7 -- the United States, Britain, Canada, France, Germany, Italy and Japan -- also met in London earlier this month.

The U.S. Treasury secretary is also meeting with ministers from the Group of 20, which includes economic powers and emerging economies.

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