Fight Global Economic Recession
With the ongoing global recession, the US government urged other nations to fight protectionism and to adopt constructive measures that will effectively boost the economy. On the other hand, President Barack Obama continues to discuss with Congress about the importance of passing the $838 billion worth of stimulus package.
The US government urged other nations to adopt constructive measures that will stop the worsening economic condition and appealed to world’s leaders to fight against protectionism.
With the ongoing economic crisis, experts warned that protectionism or the banning of trade and commerce between countries which happened during the advent of the period of Great Depression will likely to happen if world leaders will not prevent this from happening.
Earlier, treasury secretary Timothy Geithner urged finance ministers from G7, a group of rich and industrialized countries, to act swiftly to boost the global economy.
In the coming Friday this week, finance leaders from Italy, Canada, US, Germany, Japan, Britain, and France will meet on Rome to discuss measures which can turn around the effect of the worsening economic condition which is now the major concern of industrialized countries which are greatly hit by its occurrence.
China, a country which used to be the fastest growing economy in the world, has now been battling with recession as importers are cutting orders and businesses are halting productions. These occurrences are further aggravated by thousands of factories and establishments closing for the last few months, which resulted to thousands of unemployed people.
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