Early days to cheer recovery: Anand Sharma

It is early days to celebrate the economic recovery as it is based on worldwide stimulus packages and the policy makers need to tread cautiously, Commerce and Industry Minister Anand Sharma said.

"I am hesitant to say that we (world economy) have come out of recession because the recovery we are seeing is stimulus-led. There is a need for caution and calibrated approach," he said at a seminar organised by the Rotary Club of Delhi Midtown here.

The global economy has recently shown signs of recovering from the worst recession in the last 60 years. According to the International Monetary Fund, the world economy is expected to expand by 3.9 per cent in 2010, followed by 4.3 per cent in 2011. The recession-hit world economy had contracted by 0.8 per cent in 2009.

The economic crisis has brought the issue of protectionism into focus. "We have to guard against this," he said.