At the same time, he says the latest economic forecasts from the Organization for Economic Cooperation and Development are a wake-up call for the leaders of the G20 nations.
The leaders of the world’s 20 largest economies are arriving in London for Thursday’s meeting for dealing with the global recession.
Just ahead of their meeting, they have been greeted by worsening economic forecasts.
The OECD expects output in its 30 member economies to contract by 4.3 per cent, and unemployment to reach double digits by the end of next year.
Rudd said in London the numbers are a wake-up call for the G20 leaders. He warned the economy could turn out to be substantially worse than forecast by the OECD and the International Monetary Fund.
Among other issues in London, the world leaders are expected to discuss increasing funds for the International Monetary Fund; tougher regulations for hedge funds and credit ratings agencies; and a crackdown on tax havens.
Rudd gave a speech at St. Paul’s Cathedral about values, the public good and trust.
He put all these in the context of restoring the economic system, but said the unfolding crisis in the developing world is the invisible face of the global recession.
He called for measures to help the poor not to be forgotten in the push to look after domestic economies and prevent people from falling into joblessness and despair.
The Australian prime minister used the speech to call for a restoration of balance between the individual and the public good and to rebuild an economic system that all people can trust.
