Economy experiencing 'double-dip' recession: Geldof

6th July 2010, Comments 0 comments

Pop star turned activist Bob Geldof said Tuesday he believed the economy was experiencing a "double-dip recession", as he accused countries' leaders of inaction at their recent G20 summit in Canada.

"We're not out of the mess. I think we're in double-dip. I'm involved in business and if this isn't a recession, then God help us when one really is," Geldof told AFP on the sidelines of an investment conference in London.

Geldof said last month's G20 summit in Toronto was noticeable by its lack of action.

"I think there was an intermediary G20. I don't think there was any attempt to arrive at anything concrete. There seems to be some sort of complacency. A lot of people feel that maybe they're through (the worst economically) ... so there didn't need to be the urgency."

Geldof, who is now an anti-poverty campaigner, said he believed the next G20 in November in South Korea "maybe a little more substantial" as "people realise that the world economy is limping along".

He added: "We all can't export our way out of this problem. If everyone's answer is export, well who's going to buy" the goods?

"So there has to be some better and clearer thinking."

In Toronto G20 leaders representing both the world's established economic giants and its dynamic emerging powers agreed a package of measures to cut deficits, stimulate growth and return stability to financial markets.

© 2010 AFP

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