WASHINGTON: The United States called for swift action to rescue the crisis-hit global economy as Japan and the European Union issued appeals Tuesday against protectionist measures.
US President Barack Obama warned lawmakers of a "catastrophe" if they do not quickly pass a massive 838-billion-dollar stimulus package stuttering its way through Congress.
As America's dire economic plight cast a dark shadow, South Korea predicted further job losses and a shrinking domestic economy, while activity continued to weaken in China, which sank further toward deflation.
Obama's comments came with the Treasury set to unveil a plan later Tuesday to boost financial confidence and restore credit flows. Treasury Secretary Timothy Geithner earlier called on other Group of Seven finance ministers to act "promptly to restore health to the global economy." Geithner and finance ministers from the G7 group of industrialised nations -- the United States, Japan, Germany, France, Britain, Italy and Canada -- are to meet Friday in Rome as governments redouble their efforts against a global recession.
US President Barack Obama warned lawmakers of a "catastrophe" if they do not quickly pass a massive 838-billion-dollar stimulus package stuttering its way through Congress.
As America's dire economic plight cast a dark shadow, South Korea predicted further job losses and a shrinking domestic economy, while activity continued to weaken in China, which sank further toward deflation.
Obama's comments came with the Treasury set to unveil a plan later Tuesday to boost financial confidence and restore credit flows. Treasury Secretary Timothy Geithner earlier called on other Group of Seven finance ministers to act "promptly to restore health to the global economy." Geithner and finance ministers from the G7 group of industrialised nations -- the United States, Japan, Germany, France, Britain, Italy and Canada -- are to meet Friday in Rome as governments redouble their efforts against a global recession.
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