August 22, 2019
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G20 anticipates moderate growth, warns there are still risks

By Agustín de Gracia

Fukuoka (Japan), Jun 9 (EFE).- The Group of 20 believes that growth on a global scale will recover moderately in the remainder of 2019 and into 2020.

It said it will continue to monitor trade and geopolitical tensions that are slowing down the world’s economy.

These were the main conclusions of a statement approved at the end of a two-day meeting in the Japanese city of Fukuoka of finance ministers and central bank governors of the G20.

The meeting saw representatives of the United States and China, who have since last year been facing a trade war provoked by the White House, sitting at the same table.

"Global growth seems to be stabilizing, and is generally projected to pick up moderately later this year and into 2020," said the statement, which included the 14 points discussed during the meeting.

The statement also said growth remained low and trade and geopolitical tensions had “intensified.”

The meeting took place ahead of a G20 summit to be held on June 28 and 29 in the Japanese city of Osaka, where high-level dialogue between the US and China could see moves towards closing the chapter on the trade war.

US Secretary of the Treasury Steven Mnuchin and the governor of the People's Bank of China, Yi Gang, held a meeting on Sunday, talks the former said was constructive.

Mnuchin had already specified the meeting would not be about negotiating and that results could be seen in Osaka when the presidents of both countries, Donald Trump and Xi Jinping, cross paths.

Japan’s minister of finance, Taro Aso, made it clear that he could not confirm whether someone in the meeting had openly criticized the US.

Aso did make reference to some of the geopolitical risks referred to in the final statement, citing Crimea and Venezuela among them, besides the trade tensions between the US and China.

He said the group was not focusing on one country but rather looking into trends.

France’s minister of the economy, Bruno Le Maire, said talks had "shown great concern” over a trade war between the US and China, adding that all parties had called for tensions to be dialed down.

Le Maire said the Group had called for "everything possible" to be done in order "to avoid a trade war that would have a lasting and profound negative impact on growth."

The joint statement said international trade and investments were paramount for growth, productivity, innovation, job creation and development.


Related content

G20 financial leaders say trade tensions have "intensified"

By Megumi Fujikawa

Fukuoka (Japan), Jun 9 (efe-epa).- The Group of 20 finance leaders on Sunday acknowledged that trade tensions have "intensified," indirectly reaffirming a view that the escalating trade dispute between the US and China is starting to weigh on the global economy, according to a report from Dow Jones Newswires supplied to Efe.

"Most importantly, trade and geopolitical tensions have intensified," the G-20 finance ministers and central bank governors said in a joint statement released at the end of a two-day meeting held in the southern Japanese city of Fukuoka.

"We will continue to address these risks, and stand ready to take further action," it said.

They also said risks are tilted to the downside, although the global economy is expected to pick up moderately later this year and into 2020.

While expressing concerns over the impact of trade frictions on the economy, the communique didn't mention how the nations would resolve such issues or how they are going to react if the risks materialize.

Due to fights between the US and China, such statements have become a struggle at recent gathering of world leaders, added the Dow Jones report.

In November 2018, members of the Asia-Pacific Economic Cooperation failed to issue a communique for the first time in its nearly three-decade history. EFE-EPA


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