G7 holds fast on government support for economy (Extra)

Business News

Oct 3, 2009, 15:20 GMT

Istanbul - The world's seven leading industrial nations on Saturday committed to keeping in place government support measures as a global economic recovery takes shape. The Group of Seven (G7) also warned against 'complacency' in the face of what will likely be a weak recovery, according to a joint statement released after a meeting of finance ministers and central bankers in Istanbul. 'The prospects for growth remain fragile and labour market conditions are not yet improving,' the statement said. 'We will keep in place out support measures until recovery is assured.' Governments and central banks have spent hundreds of billions of dollars in the past year to keep their economies afloat amid the worst global recession since World War II. The G7 also backed measures to reform financial regulation agreed at a summit of the Group of 20 (G20) nations last month in Pittsburgh, Pennsylvania.

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