MercoPress. South Atlantic News Agency

G7 committed to spur growth

G7 committed to spur growth

The seven wealthiest nations of the world, G7, committed themselves to spur world economic growth in the aftermath of the September terrorist bombings.Economy Ministers and Central Bank presidents from United Stated, United Kingdom, Germany, Japan, France, Italy, Canada and Japan meeting in Washington, together with the president of the World Bank, IMF and a representative from the European Union, committed themselves to incentive growth and recover the world's favourable economic prospects.

"Decisive initiatives have already been adopted to ensure a strong recovery", reads the official G7 release adding that additional measures will be taken when necessary to "soften the impact of the slowdown" in the poorest nations.G7 members also committed themselves to speed a round of trade negotiations in the framework of the World Trade Organization, WTO, during the coming summit next November in Doha Qatar.

Although this was the first formal meeting since the September 11 attacks, G7 members have kept close and coordinated efforts pumping sufficient liquidity to prevent financial markets from collapsing as well as supporting vital industries.

The Bush administration has announced a strong incentive package to recover consumer confidence, besides the huge compensations to New York companies and labour. France and Germany, plus Japan have anticipated they will be slipping beyond their budget deficit targets since priority now is to get the economies rolling again.

However US officials and financial experts have anticipated that the impact of these measures takes six to nine months to have a full impact, so this means indicators won't begin to show positive until the beginning of next year.