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Finance officials from the Group of 20 nations will press their European colleagues to join a coordinated stimulus plan to tackle an impending recession when they meet in Sao Paulo this weekend.
U.K. Prime Minister Gordon Brown yesterday urged countries to heed the International Monetary Fund’s call for coordinated action, even as other European Union leaders fretted about reining in budget deficits. A coordinated package would add 50 percent more to growth than a similar amount spent in ad hoc measures by individual nations, said Carl Weinberg, chief economist at High Frequency Economics in Valhalla, New York.
“There are big areas of difference out there,” Weinberg said. “The U.S. and IMF view is clearly that fiscal stimulus is needed. The Europeans are not quite so clear on this.”
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The world’s biggest industrialized economies will all contract next year for the first time in more than half a century as the financial market seizure leaves companies and consumers starved of credit, the IMF forecast last week.
The G-20 meetings beginning today reunite officials for the second time in a month, after their first-ever emergency meeting in Washington in October. They’ll meet again in Washington at a Nov. 14-15 summit of G-20 heads of state.
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“It’s very clear that to navigate a path through the current difficulties and to regain some momentum in the world economy, the biggest economies need to be working together,” U.K. Treasury Minister Stephen Timms said in an interview in Sao Paulo yesterday.
