12 Mar 2009

US calls on G20 to support economies during crisis

1:28 pm on 12 March 2009

The United States has called on the Group of 20 nations to support their economies throughout the global economic crisis.

A meeting of G20 finance chiefs is to be held in England this week. The meeting is to lay the groundwork for a G20 summit in London on 2 April.

President Barack Obama on Wednesday urged governments to use stimulus to revive their economies and coordinate financial regulation reform in the face of the worst global economic conditions since the Great Depression.

British finance minister, Alistair Darling also said in London that all countries must work together, "including the emerging and developing economies."

The G20 includes the Group of Seven industrialised countries - Britain, Canada, France, Germany, Italy, Japan and the United States - plus the European Union and China and Brazil.

Decline spreading

Meanwhile, machinery orders in Japan have fallen for a fourth consecutive month.

In Europe, industrial orders in Germany collapsed in January, falling by 80% from the previous month.

Portugal also became the latest eurozone nation to go into recession. Official data shows the economy contracted 1.6% in the fourth quarter after a decline of 0.1% in the third quarter.