Global economy still not out of woods: PM

Posted By: Staff
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New Delhi, Sep 23: Prime Minister Manmohan Singh on Wednesday, Sep 23 said that the global economy was still "not out of the woods" as he set off for the G20 summit of wealthy and emerging nations.

"The global economy has shown distinct improvement since the global financial crisis erupted but we are still not out of the woods," he said.

He also called for further progress on reforms of international financial institutions, such as the International Monetary Fund and for a "strong message" against protectionism

Singh said, "India would also like to see a strong message to emerge from Pittsburgh against protectionism in all its forms, whether trade in goods, services, investment or financial flows."

"There was a need to carry (on) the process of governance reform of international financial institutions further to give greater voice and representation to under-represented countries, he added.

Leaders of the Group of 20 leading world economies are to meet in the US city of Pittsburgh on Thursday, Sep 25 and Friday, Sep 26 for a summit expected to plan a coordinated route out of the crisis.

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