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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

India: Globe in 'Systemic Crisis'

Indian Prime Minister Manmohan Singh just released a statement from the G-20 summit, saying the world's economies are experiencing "exceptional difficulty."

Singh is calling for a system of "multilateral surveillance" so countries can keep an eye on one another and try to head off bad financial practices that can affect other nations.

He's also asking the World Bank to provide more loans for infrastructure projects.

Singh said India, after growing at a rate of 9 percent for the past four years, expects its economy to slow at a rate of 7 percent to 7.5 percent in the current fiscal year.

Here's the entire text of Singh's statement.

-- Frank Ahrens

The Ticker is Twittering!

By Frank Ahrens  |  November 15, 2008; 3:01 PM ET
Categories:  The Ticker  
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