labels: economy - general
All''s well with world economy, say G8 ministersnews
19 May 2007

Mumbai: The global economy is on track for another year of bumper growth, finance ministers of the Group of Eight (G8) countries meeting in Berlin said in a communiqué.

"Global growth remains robust and it is more balanced across regions and within our countries," said a communique published at the end of a two-day meeting at a lakeside hotel near Berlin.

The meeting was to prepare a June 6-8 summit of leaders from the G8 - the United States, Japan, Germany, Britain, France, Italy, Canada and Russia.

"Risks for the outlook have abated, but high and volatile energy prices remain a concern and we will remain vigilant," they said even as Germany strove to keep its proposals for tighter hedge fund control alive.

Countries, including the United States, Britain and Japan, Canada, are keen to avoid any moves to establish formal regulation of the hedge fund industry, which has boomed under loose rules in recent years as investors seek better profits.

Other G8 members like France and Italy have voiced no clear support either for the campaign Germany is waging during its year-long presidency this year of the G7 and G8 clubs, the latter of which includes Russia.

US treasury secretary Henry Paulson stayed in Washington to prepare talks with China, highlighting the limits of the G8 as a form of global economic government.

The new French government sent no minister either.

The meeting called ministers from Cameroon, Ghana, Nigeria, Mozambique and South Africa to a dinner as part of the German presidency''s outreach drive.

The Oxfam charity, meanwhile, accused G8 leaders of failing to fulfil promises made in 2005 to raise aid flows to Africa by $50 billion a year.

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All''s well with world economy, say G8 ministers