G-20 Finance Ministers Pledge to Boost Global Economy

Finance ministers from the Group of 20 major economies have pledged to boost the global economy, which they say is showing a weak recovery.

Delegates meeting in the Chinese city of Chengdu issued a statement Sunday at the end of their two-day gathering expressing concern about Britain’s plan to leave the European Union and how Brexit will affect the world’s economy. They said, however, that member nations are “well positioned to proactively address the potential economic and financial consequences” from such developments.

Britain’s new Finance Minister Philip Hammond told fellow ministers that concerns about his country’s withdrawal from the EU should diminish once London lays out a future vision of how Britain will relate with the rest of Europe. Several ministers urged Britain and the EU to move quickly to resolve Brexit issues.

The G-20 finance ministers also vowed to reject trade protectionism, which became a prominent issue at the meeting since U.S.

Republican presidential nominee Donald Trump has said he wants to revamp the country’s trade deals, adding various restrictions.

U.S. Treasury Secretary Jacob Lew attends a press conference held at the end of the G20 Finance Ministers and Central Bank Governors meeting in Chengdu in Southwestern China’s Sichuan province, July 24, 2016.

U.S. Treasury Secretary Jack Lew, speaking Sunday in Chengdu, said the American economy is currently strong and the job market is healthy, but the global outlook remains uncertain.

The closing G-20 statement expressed the importance of reducing the excess production of steel that has led to a glut on the global market. The issue is of major concern between China and its trading partners, who say Beijing exports steel at unreasonably low prices.

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