MercoPress. South Atlantic News Agency

Optimistic forecast

The Group of 7 richest countries in the world, following a meeting in Ottawa, Canada, outlined an optimistic forecast of global economic recovery, although warning there are still risks ahead.

"We agreed that the slowing down of the world economy won't last much longer", said Canada Finance Minister Paul Martin, host of the G 7 meeting that included United States, Japan, Great Britain, France, Germany and Italy.

Ministers agreed that strong signs of recovery can be perceived in the United States and Canada. Similarly in the European Union where Germany seems to be overcoming the situation with a more favorable business climate.

However the G 7 meeting also pointed out that Argentina and Japan persist as risk areas since both are in deep recession.

Rich nations are particularly concerned about Japan that seems unable to recover from recession and has seen its currency, the yen, consistently drop raising protests from manufacturing sectors in trade partners.

Regarding Argentina the G 7 said it was willing to help the country overcome the current situation, and indicated the "first steps taken by the Duhalde administration are in the correct direction".

However G7 added that a credible program of economic and financial reforms are needed "to improve growth prospects and future investments".