APEC ministers warn economic crisis is not over

By Bill Tarrant

SINGAPORE (Reuters) - Asia-Pacific ministers warned on Wednesday that the global economic crisis was far from over and a current upturn was a respite rather than recovery.

Ministers from the Asia-Pacific Economic Cooperation forum (APEC) have gathered in Singapore for meetings that will culminate in a weekend summit that U.S. President Barack Obama will attend.

Obama, in an interview with Reuters, said he would work with China on his Asian visit to address the economic recovery and trade imbalances.

After foreign and trade ministers met for breakfast on Wednesday, Singapore's representative George Yeo said they had discussed the global economic recovery, reform of financial institutions and resisting protectionism.

He said the consensus among ministers was that the global economic crisis was "by no means over".

"The upturn that we now have is a respite. The situation is still fragile. We should still address the root cause of the problem," he said.

Finance ministers from the 21-member Pacific rim group have a separate meeting on Thursday and, according to a draft statement, will pledge to keep up economic stimulus plans.

World Bank President Robert Zoellick said he was comfortable about world growth prospects this year, but saw downside risks for 2010 and recommended governments keep stimulus measures in place through next year.