Global economy

Global economic recovery is proceeding, but remains fragile and uneven, the IMFC said.

"Faced with this source of potential stress, we underscore our strong commitment to continue working collaboratively to secure strong, sustainable, and balanced growth and to refrain from policy actions that would detract from this shared goal," the committee said in its communique.

The world economy, led by emerging markets and developing countries, is forecast to grow by 4.8 percent in 2010 before falling back to 4.2 percent next year, according to the latest IMF's World Economic Outlook report. Still, downside risks linger which may derail the fragile recovery.

A sluggish recovery and high unemployment in developed countries may result in less willingness to cooperate and the risk of resurgence of protectionism, warned the World Bank chief.

"A lack of growth accompanied by high unemployment is having consequences. There is a danger that countries will turn inward and as a result international cooperation could falter," said Zoellick. "This could be dangerous."

"The rejection of protectionism in all its forms must remain a key element of our coordinated response to the crisis," the IMFC communique said. "Renewed efforts are urgently needed to bring the Doha Round to a successful conclusion."