In Peru, Echoing the G20 summit in Washington, APEC member economies meeting in Lima have called for fast and decisive action to prevent a severe global market meltdown. On their final day, they committed themselves to turning round the economy by mid-2010 with promises to take the necessary measures to resolve the current crisis.

Leaders of member economies pose for a group photo while wearing typical ponchos from Peru, during a break in the Asia-Pacific Economic Cooperation (APEC) summit in Lima, November 23, 2008.[Agencies]

Accounting for more than half of the world's economic output, the 21 APEC members still have reason to smile.

But behind the surface lies a shared concern caused by the ailing economy that's crippling the global market.

The question now is how to stop the rot.

But after their two-day meetings in Peru, APEC members say they remain confident.

Alan Garcia, Peruvian President, said, "We will beat this crisis - governments and companies working together."

The host President's words were reflected in a joint declaration, issued on Sunday - the final day of the meeting - which pledged to end the economic downturn in 18 months' time.