And, the world came together to fight back against recession

Subscribe to Oneindia News

London, April 2 (ANI): British Prime Minister Gordon Brown on Thursday claimed that the end of the global recession was now achievable, as he unveiled an agreement from the G-20 summit that would pump an additional one trillion dollars into the global economy.

Announcing the conclusions of the London summit, the prime minister also unveiled a surprise move on tax havens, saying that a list of countries that do not comply with anti-secrecy rules would be published today.

"This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform and with a clear timetable," Brown was quoted by the BBC as saying during a news conference at the ExCel centre in London's Docklands.

"Today's decisions, of course, will not immediately solve the crisis. But we have begun the process by which it will be solved," Brown added.

Brown said that the world had come together in a way that was unprecedented, and the G20 countries had already committed themselves to spending 5 trillion dollars by the end of next year on measures to promote growth.

The G-20 countries stated, in their communique, that global growth would be more than the 2 per cent already predicted by the IMF for 2010 as a result of the measures taken.

Brown said that the ability of the G20 countries to work together in this way showed that the era when global finance was dominated by the so-called "Washington consensus" was over.

"I think a new world order is emerging with the foundation of a new progressive era of international cooperation," Brown said. (ANI)

Please Wait while comments are loading...