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G20 patchy on recovery path...

business Updated: Jun 28, 2010 23:01 IST

World leaders agreed on Sunday to take different paths towards assuring lasting growth and making their banking systems safer, a reflection of the uneven and fragile economic recovery in countries.

However, it held little sway for Asian stocks on Monday. In the first day’s trade after the summit, Hong Kong was 0.35 per cent higher and Singapore added 0.59 per cent. Tokyo ended 0.45 per cent lower and Sydney was down 0.65 per cent.

The Group of 20 tried to balance their contrasting priorities by pledging to halve budget deficits by 2013 without stunting growth, and to clamp down on risky bank behaviour without choking off lending.

They left room for countries to move at their own pace and adopt “differentiated and tailored” policies that match national economic or political priorities, a reversal from the unity of the last three summits.

“Our challenges are as diverse as our nations,” US President Barack Obama said after the summit.