WASHINGTON: Even if the war in Iraq ends quickly, the global economy faces serious problems that will require a co-ordinated effort from rich nations to bolster prospects, a leading financial lobbying group said. 

The Institute of International Finance (IIF), which represents over 300 of the world's most powerful private sector banks and investment houses, urged economic leaders attending the upcoming International Monetary Fund (IMF) and Group of Seven (G7) industrialised nations meetings to tackle pressing economic issues.