G20 London decisions 'assessed' in Washington

World finance chiefs are meeting to assess the progress on combating the worst global economic crisis since the 1930s Great Depression. On Friday, the Group of Seven industrialized nations and the Group of 20, which includes the G7 and developing countries such as Brazil, China, India and Russia, were holding back-to-back gatherings in Washington on the eve of the IMF and World Bank spring meetings. "Recent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging," a statement issued after finance ministers of the G7 met behind closed doors on Friday said. "Economic activity should begin to recover later this year amid a continued weak outlook and as downside risks persist," the statement added. Finance chiefs at the G20 meeting in Washington will assess the progress made in the three weeks since the G20 leaders pledged in London to fight the crisis with stimulus measures and with the reform of financial sector regulations.