MW: G-8: Rising commodity prices headwind to recovery
By Polya Lesova
LONDON (MarketWatch) -- The global economic recovery is gaining strength and becoming more self-sustained, the Group of Eight nations said Friday at their summit in Deauville, France. "However, downside risks remain, and internal and external imbalances are still a concern," the G-8 said in a statement. "The sharp increase in commodity prices and their excessive volatility pose a significant headwind to the recovery." The G-8 also said that Europe will continue to address its sovereign-debt crisis with determination, while the U.S. will put in place "a clear and credible medium-term fiscal consolidation framework, consistent with considerations of job creation and economic growth."
