The International Monetary Fund said Wednesday that industrialized nations need to take more steps to stimulate their economies to avert a global recession. "My primary message is that additional -- and vigorous -- policy action will be needed in order to avoid a serious global downturn," said John Lipsky, IMF deputy managing director, at a speech to the Council for Foreign Relations in New York. The measures needed to avoid a global downturn should aim at stabilizing the financial systems of developed countries and supporting fiscal spending, through monetary and budgetary measures, he said according to the prepared text. The IMF number-two official recalled that the multilateral institution had called for ambitious economic stimulus plans, marshaling financial firepower of at least 2.0 percent of economic output by each country.