LIMA (Peru), Nov 23: The financial crisis threatening to plunge the world into recession can be overcome by mid-2010, Pacific Rim leaders said on Sunday as they wrapped up a two-day summit.

“We are convinced that we can overcome this crisis in a period of 18 months,” the 21 leaders said. “We have already taken urgent and extraordinary steps to stabilise our financial sectors and strengthen economic growth.”

The words of confidence were added early on Sunday to a joint declaration that the leaders of the Asia-Pacific Economic Cooperation (Apec) forum originally issued on Saturday. Delegates said the changes were made at the request of the summit’s host, Peruvian President Alan Garcia.

The timeline fits with a calculation by the IMF, which forecast developed economies would grow barely 0.1 per cent in 2009, and that the world would emerge from the crisis the following year.—AP