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Indications of stabilisation in the international economy emerged from the G7 meeting on the weekend.
A communiqué issued following the G7 meeting said that the pace of decline in world economies had slowed and activity should begin to recover later this year. Downside risks remained however, the G7 emphasised.
Remarks from federal treasurer Wayne Swan following talks with fellow G20 finance ministers also warned that the outlook remained touch-and-go.
“Anyone who has watched this evolve is wary of drawing conclusions too early because we’re dealing with an event the likes of which we haven’t seen in our lifetimes,” he told The Australian Financial Review.
Mr Swan said the mood in discussions with his fellow finance ministers was one of caution and that there was still some way to go.
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