John Key, the newly-elected New Zealand prime minister, said that economic cooperation between economies and businesses is exactly what is needed in times like these.

"It is no news to anyone that the global economic outlook for 2009 is weak," he said.

He said the implications for the real economy are likely to be profound and widespread. "The early signs of the world's reaction have so far been encouraging, by each of these measures," he added.

Actions by political leaders to address the challenges arising from this financial crisis, including state-supported bank bail-out packages, fiscal-stimulus packages, coordinated reduction in interest rates and the special G20 summit to address the crisis, "are a step in the right direction, although more may be needed," he said.

Peruvian President Alan Garcia called for optimism in the face the financial crisis, noting that the current situation is "absolutely" different from the two financial crises in 1929-1933 and the 1970s.

"I am optimistic about the situation, because it is the birth of a new economy and a different society," said the president.

"This is a wealth crisis and a system expansion crisis and it should not be treated with statism or protectionism," he said.

Garcia listed such factors for optimism as the increasing contribution of technological innovation to world economy and the great potential still enjoyed by the global consumption market.