Japanese Prime Minister Yasuo Fukuda said in Davos, Switzerland Saturday that there is no need to take an excessively pessimistic view of the current financial uncertainties but the world needs to coordinate urgently on the matter.
"There is no need to take an excessively pessimistic view of the current situation, but at the same time we do need to have a sense of urgency as we engage in coordinated actions while each country also implements necessary domestic response measures," said Fukuda addressing the World Economic Forum (WEF) Annual Meeting.
He acknowledged that the risk of the global economic downturn is increasing against the backdrop of the sub-prime mortgage loan crisis in the United States and the surge of oil prices to record levels.
The matter will be discussed at the Feb. 9 G7 meeting in Tokyo, he said.
The five-day WEF annual meeting started in this Swiss ski resort Wednesday under the principal theme of "the Power of Collaborative Innovation."
The event drew about 2,500 of the world's political and business elite, including 27 heads of state or government, and more than 110 government ministers.
Source: Xinhua
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