The head of the UN's trade and development think tank on Tuesday cautioned against a new financial bubble as massive liquidity was pumped into the economic system to counter the global crisis. 'The bubble is something we have to think about,' said the Director General of the UN Conference on Trade and Development, Supachai Panitchpakdi, adding that there was a 'need to prevent another bubble. 'Because if you look into the state of public finances in major economies, including in Asia, you can see that we are actually fighting one disease with the same terms that have created the disease,' he told journalists. With more liquidity being pumped into the economy, 'that's why you see all these bubbles beginning to spread though all the stockmarkets around the world,' said Supachai The UNCTAD chief said full reform of the financial system had yet to be completed and cautioned against a return to 'business as usual.' 'Excessive financial activities within an economy ... have been the cause of (the) crisis. We're going back without any change, without any supervision that has been tightened up,' said Supachai, a former head of the World Trade Organisation. An UNCTAD report released on Monday warned that the current financial market rebound is not a 'real recovery' and predicted that any world economic growth recorded in 2010 was unlikely to exceed 1.6 percent. 