Washington, Apr 13 : India and other major economies of the Group of 20 have affirmed the need to take "timely" policy action to cope with downside risks in the world economy.
While the grouping agreed that the global economy is likely to rebound in the second half of this year from the slowdown since the latter half of 2018, "We shared the recognition that each country needs to take timely policy action depending on their own circumstances," Bank of Japan Governor Haruhiko Kuroda said.
Kuroda cited policy uncertainties such as an escalation in trade tensions between the United States and China, as well as deterioration in corporate sentiment. The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
Japan has taken the presidency of the group for the first time and Prime Minister Shinzo Abe will host a G-20 summit on June 28 and 29 in Osaka.
The G-20 finance ministers and central bank governors "reaffirmed that all policies choose to support strong, sustainable, balanced and inclusive growth to be used in a timely fashion," Japanese Finance Minister Taro Aso said at a joint news conference with Kuroda, reports Kyodo news agency.
Aso said the balance of risks to global growth "remains skewed to the downside," alluding to a possible escalation of trade tensions, a potentially disorderly exit of Britain from the European Union and the chance of a sudden sharp tightening of global financial conditions.
The G-20 met on the sidelines of the annual spring meetings of the IMF and World Bank to pave the way for a June 8-9 gathering of the G-20 finance ministers and central bank chiefs in Fukuoka, western Japan. (UNI)