Stimulus is still needed for recovery
The economy is in the steepest recession since World War II and this is of large concern to the Group of Eight leaders that met on Wednesday. They agree that economic recovery from the recession is too fragile for them to consider reversing efforts to pour money into the economy. So far USD2 trillion has been spent worldwide to bring back consumer and business confidence, yet lack of hope still remains.
President Barack Obama is urging the stimulus door to remain open to take measures against the renewed stock market drop. Economists are predicting the G8 nations may need a second wakeup call for the world economy after the biggest borrowing binge in 60 years has failed to halt rising unemployment and raise investor's doubts.
The renewed calls to stimulate the world economy has the US currency exchanging at GBP0.6167 and EUR1.3958.
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