Geithner says force of global recession receding

U.S. Treasury Secretary Timothy Geithner said Tuesday his country had a "special responsibility" to help guide the world through its worst recession in decades, and stressed that while a recovery was ongoing, setbacks were likely.

The prediction came as Geithner kicked off his first official visit to the Middle East, courting leaders of a Gulf Arab region that has seen its global financial muscle grow on the back of petrodollar fueled investments.

"The force of the global recession is receding," Geithner told Saudi business leaders in the commercial hub of Jiddah, noting that the International Monetary Fund has revised up growth forecasts in the second half of 2009 and into 2010. "Global trade is just starting to expand again," he said.