The Asia-Pacific Economic Cooperation (APEC) has pledged to work together to combat the global financial crisis and ward off any threat of recession.
In a statement released yesterday APEC leaders said; “We have already taken urgent and extraordinary steps to stabilise our financial sectors and strengthen economic growth and promote investment and consumption. We will continue to take such steps and work closely, in a coordinated and comprehensive manner, to implement future actions to address this crisis”.
The announcement foreshadows a number of measures expected to be announced later today following the leaders’ retreat in Peru.
Meanwhile president-elect Barack Obama has announced an ‘Economic Recovery Plan’ and vowed to implement a significant stimulus package to stimulate the ailing American economy when he takes office in the new year.
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