Most of the world economies are still suffering the worst recession since the Great Depression of the 1930s, and the Asia-Pacific leaders are warning against further economic slowdown.
"Global growth is too weak, risks remain tilted to the downside, global trade is weakening and the economic outlook suggests growth is likely to be slower and less balanced than desired," the 21 members of the Asia Pacific Economic Cooperation said in a joined statement.
On top of that, the group which includes Japan, China, Russia, the United States and Australia, said they need to be "prudent and responsible" to “ensure mutually reinforcing effect of growth and to maintain economic and financial stability in the region, and prevent negative spillover effect."
The joint statement comes just a day after the World Bank cut its economic forecast for China and most of developing East Asia. The latter is projected to expand 7.1 percent in 2013 and 7.2 percent in 2014, down from April predictions of 7.8 percent and 7.6 percent respectively. The forecast for China was lowered to 7.5 percent in 2013, below the April forecast of 8.3 percent. ...