The global economy will likely avoid sliding back into crisis despite Europe's debt problems and uncertainty over the US and Chinese economies, South Korea's finance minister said Sunday. "The global recovery now stays on its upward cycle and I believe that it will not likely face a double dip down the road," Yoon Jeung-Hyun told Yonhap news agency.
Financial policymakers and central bankers will gather Monday for a two-day conference co-hosted by the International Monetary Fund and South Korea in Daejeon, south of capital Seoul.
The agenda will include discussions on the future of Asia-Pacific economies and their role in preparing for the post-crisis era. Yoon said the momentum of recovery could be undercut by Europe's debt problems and uncertainties over recovery in the US and Chinese economies.
But he added that the economy was expected to continue "its normalisation process toward the pre-crisis level with little chances of falling into a recession." Yoon also dismissed reports that a proposed tax on the world's largest banks to curb excessive financial risk-taking, which has been discussed by the Group of 20 major economies, might have to be ditched due to differences.
"The issue is being discussed very actively among member countries," Yoon said. "Global co-operation can be kept alive if things are maintained within the standards," he said, adding the views of each nation would be sought in time for the G20 meeting in Seoul in November.
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