ITR-World Economy Trapped In Vicious Cycle-JanEngland ITR Australia for InTouchRadio.net UK GLOBAL

Jan England InTouchRadio.net Australia for InTouchRadio.net UK GLOBAL

Rudd Says

"World Economy Trapped In ~Vicious Cycle~"

Urgent warning: PM Kevin Rudd at the APEC conference in Peru (AFP)

• The world faces a "vicious cycle" of falling economic growth unless urgent measures are taken by global leaders, Prime Minister Kevin Rudd told Asia-Pacific leaders this morning.

"As confidence across the world falls, it begins a vicious cycle that leads to further caution on the part of households, leading to further falls in consumer spending, leading to further falls in business investment, leading to lower growth," he said at a summit of the Asia-Pacific Economic Cooperation (APEC) forum in Peru.

"As private demand falls, governments must step in to take up the slack. This will require further monetary action and it will require fiscal action."

Chinese President Hu Jintao warned the outlook for the world economy was not looking good, but said continued strong growth in China could help serve as a global buffer.

"The situation is very grim," Mr Hu told world business leaders gathered in the Peruvian capital Lima ahead of the summit.

"The sound and steady growth of the [Asia-Pacific] economy is threatened by the grim world economic situation."

Mr Hu stressed China's main contribution to world efforts to address the global financial crisis was to maintain steady economic growth at home.

"The steady and relatively fast economic development in China is in itself a major contribution to upholding international financial stability and promoting world economic development," he said.

- Reuters/AFP

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