G20 ministers see signs of modest economic recovery in US, EU

MEXICO CITY, Feb. 26 (Xinhua) -- Finance ministers and central bank governors of the Group of 20 (G20) nations believed that there are signs of "modest recovery" in US and EU economies despite many challenges. Even though the risk of recession remains present, especially in Europe, the outlook right now is more promising than it has been, said top officials at a meeting of G20 finance ministers and central bank governors, which ended late Sunday in the Mexican capital.

They were upbeat that countries in the debt-troubled euro zone have taken a "decisive action" and already started to implement much needed financial tools such as fiscal adjustments and macroeconomic restructuring in order to put an end to the crisis.

"Measures have been taken which allowed for a modest recovery," said Mexican Finance Minister Jose Antonio Meade. He said that despite the heavy impact from the United States and the European debt crisis, economies of developing countries were still performing better than industrialized countries.