According to the Monday meeting of G10 central bankers in Basel, Switzerland, the global economy is no longer in freefall and is beginning to stabilise. The forecast is better than was previously expected, with many countries’ economies starting to grow again.

The optimism was accompanied by a cautionary note to maintain vigilance, particularly in light of the fragile nature of the recovery. One of their aims was to examine domestic economies to correct economic imbalances that contributed to the severity of the recession. The group noted that the USA’s deficit was one of the major concerns going forward.

Reported by Fin24