This article was last updated on April 16, 2022
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Canadian PM Stephen Harper and British PM David Cameron sketched a dark picture of the world if another economic recession struck them soon. To avoid the gruesome outcome, developed countries must adopt a few essential economic measures.
On Thursday, both the Prime Ministers gave speeches on the podium of Canadian Parliament. They both chose to be blunt while depicting the economic costs that will follow unless world leaders take crucial, tough action to face the debt crisis that might spin around the economic recovery back into complete recession.
David Cameron said: “It’s important that we are clear about the facts. We’re not quite staring down the barrel. But the pattern is clear. The recovery out of the recession for the advanced economies will be difficult. Growth in Europe has stalled. Growth in America has stalled.
“The effects of the Japanese earthquake, high oil and food prices have created a drag on growth, but fundamentally, we are still suffering from the aftershocks of the world financial bust and economic collapse in 2008.”
He also said the nations in the eurozone (Britain is not a member) must act quickly to prove they have the political strength to get their debt in hand.
While PM Harper said to the MPs, “Neither of us will be accused of exaggeration if we acknowledge that the most immediate test confronting all of us is to avoid the devastating consequences of a return to global recession.”
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