04 SEP 2010

By Yoo Choonsik and Rachel Armstrong | ABC News

GWANGJU, South Korea (Reuters) - G20 delegates agreed on Saturday global economic recovery would endure although the speed of expansion may slow, a South Korean official said.

Kim Jae-chun, deputy governor of South Korea's central bank who co-chaired the meeting of G20 finance and central bank deputies, also told reporters they thought market reaction to concerns about economic slowdown was overblown.

"There was an agreement that the (global) recovery will continue even though the speed may slow from the level we thought of two to three months ago," Kim said after their meeting in the country's southwestern city of Gwangju.

Another official from a member country, who spoke on condition of anonymity, said there was discussion about the issue of readjusting representation on the International Monetary Fund's executive board but declined to elaborate.

John Lipsky, the IMF's first deputy managing director, declined to comment when asked if the issue would be resolved soon.

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