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World leaders seek global recovery at Dubai talks

AFP, Dubai
The world's economic leaders meet for their annual talks this week in the hope of nudging the world economy into a sustained recovery, with concern mounting that Europe is being left behind by vigorous US growth and a resurgent Japan.
They will also have to grapple with the renewed failure at the weekend of trade negotiators to find a deal in Cancun to free up world trade, a setback seen as bad news for the emerging economic recovery.
The United States should be able to boast a return to impressive growth rates when representatives of the IMF, the World Bank and the G7 nations converge on Dubai from Thursday, but European leaders will have to explain once again why the continent is teetering on the brink of recession.
Even Japan, long regarded as the sick giant of the world economy, has managed to return to robust growth rates after years of stagnation, even though worries remain about the country's fragile banking
system.
Japan's economic output grew by 3.9 per cent in the three months to June compared with the year earlier, while the United States revved up at an impressive 3.1 per cent pace in the same period.
The Financial Stability Forum, which brings together G7 members and central banks, said after a meeting last week "there has been general improvement in financial conditions and the increasing, if uneven, signs of a global recovery."
But the euro zone, which brings together the 12 nations using the single European currency, saw its economy contract by 0.1 per cent in the second quarter after stagnation in the first.
Germany, the Netherlands and Italy have all slipped into recession, while a fearsome row is simmering within the bloc over the budget policy of several member states.
The EU's executive arm has been urging France to bring its bloated public deficit into line with EU rules, but Paris has insisted that it needs to take measures to stimulate sluggish growth.
France was on the receiving end of stinging rebukes from the EU Commission and other euro zone countries at a finance ministers meeting in Italy last week, with the Netherlands even threatening to take Paris to court over the issue.
However questions may also be asked of Washington by the IMF and fellow members of the G7 leading industrialised nations group (Britain, Canada, France, Germany, Italy, Japan) about how the US intends to sustain its colossal budget and current account deficits.
The US budget deficit is projected to balloon to 480 billion dollars in fiscal 2004, even without the White House's latest request for 87 billion dollars of extra funds for the reconstruction efforts in war-ravaged Afghanistan and Iraq.
Another item of contention could be the refusal of China and other Asian nations to change their currency policies, with western countries alleging that their refusal to let weak currencies rise is unfairly hurting US and European manufacturers.