Top Australian CEOs snub Government wage freeze plan

The Group of Seven industrialized countries warned of risks in the troubled American economy and housing sector, but leavened that with assurances that the world's biggest economy would grow this year, albeit at a slower pace.

World financial markets have been battered amid worries about a possible U.S. recession and uncertainty about the subprime mortgage crisis that has led to billions in losses at major banks. A main thrust of Saturday's meeting was to reassure the world that the U.S. wasn't in recession.

I believe that we're going to keep growing, said U.S. Treasury Secretary Henry Paulson. If you're growing, you're not in recession.

The officials - from the United States, Japan, Germany, France, Britain, Italy and Canada - pledged to take actions on their own and together to secure stability and growth in our economies, without outlining specifics. read more