Heads of finance from seven of the world"s largest economies have said that the global economic contraction may be easing.
In a communiqué, the G7 financial chiefs stated that there are "some signs of stabilisation" in the world economy, and that the "pace of decline...has slowed."
G20 financial chiefs met over the weekend to finalise the plans made at this month"s London summit. The World Bank has already criticised the US and EU for breaking promises made in the London communiqué by enacting new protectionist measures.
Elsewhere Nouriel Roubini, a traditionally pessimistic economist, stated in an interview with the Washington Post that the world is now "in the middle" of a U-shaped recession, and that he is no longer worried about the possibility of an "L-shaped near-depression."
Roubini, known as "Dr Doom" for his consistently gloomy (but generally accurate) forecasts, stated that "very aggressive policy actions taken by the US and other countries" are to thank for a mitigation of the crisis.
