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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: China, India can't stop world contraction: OECD AFP - Saturday, March 21 BEIJING (AFP) - - The head of the OECD said Friday that even continuing growth in China and India will not stop the world economy shrinking, as EU and US leaders remained at odds over how to fight the slowdown. ADVERTISEMENT Angel Gurria echoed a statement from the International Monetary Fund (IMF), which said 2009 would see the first global contraction in 60 years and urged more action from major economies. "Now we are probably seeing a world which will go negative," Gurria, secretary general of the Organisation for Economic Cooperation and Development (OECD), told reporters in Beijing. "Because even the positive growth of India and China is not going to be enough to offset the negative growth in (developed countries)." The IMF earlier said world output would shrink between 0.5 percent and 1.0 percent at an annual rate in 2009, the first contraction since World War II. "Country responses to the global crisis are in an early stage.... Measures are still needed to restore financial stability," it warned. But European Union (EU) leaders rejected pressure for a new cash injection amid growing public unrest, with one million people joining a French rally on Thursday. "We all agree that we are going to be prudent in our fiscal stimulus, while awaiting the results of the first package of stimulus measures," Czech Prime Minister Mirek Topolanek said at a two-day summit in Brussels. He said fellow leaders had made "expressions of not being dictated to by the United States or by those who want more fiscal stimulus." Washington has pressed Europe in the run-up to the Group of 20 leading economies meeting next month to play a bigger role in reviving global demand by doing more to prop up its own faltering economies. The 27-nation European Union has already adopted stimulus measures for 2009 and 2010 worth 400 billion euros (520 billion dollars), equivalent to 3.3 percent of the bloc's gross domestic product. "We are in the vanguard. We are contributing an above-average amount," said German Chancellor Angela Merkel. "The current measures must work. We must allow their impact to develop." However, the leaders neared agreement on doubling a 34 billion dollar loan fund for struggling non-eurozone members and on a 75 billion dollar IMF handout. "I am against us Europeans (responding to) the American wish for a more voluminous economic recovery package," Luxembourg's Prime Minister Jean-Claude Juncker said. Meanwhile, Washington slapped a 90 percent tax on bonuses for top executives, following troubled insurer AIG's decision to use government bailout money for such pay-outs. The House of Representatives overwhelmingly approved the measure, which prompted a public outcry and calls for Treasury Secretary Timothy Geithner's resignation. Geithner took responsibility for the debacle but deflected calls to resign, insisting his department had moved quickly to stamp out the problem. "It's my responsibility. I was in a position where I didn't know about those sooner, I take full responsibility for that," Geithner told CNN. World markets retreated from their mini-rebound over the past week, with Wall Street slipping lower on worries over the impact of Washington's new trillion-dollar credit injection. Asian share prices followed suit with falls across the board, including in Hong Kong and Sydney. Japan's stock market was closed for a holiday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Chinese workers produce components at a factory in Dongguan, 2008. The head of the OECD said that even continuing growth in China and India will not stop the world economy shrinking, as EU and US leaders remained at odds over how to fight the slowdown. Most Popular – Top Stories Viewed Actress Natasha Richardson dies after ski accident Global warming leaving its mark on polar bears Arrest warrant issued for Lindsay Lohan US bailout auditor launches probe into AIG bonuses Operator BAA 'must sell three UK airports' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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