World economy is an 'urgent priority': G7 leaders
[ISE-SHIMA, Japan] Group of Seven leaders on Friday said that pumping up the world economy was an "urgent priority", but left the door open for a go-your-own-way approach in a sign of lingering divisions over how to boost growth.
Going into a two-day summit, the club of rich nations was working to find common ground as host Japan looked to win backing for its view that government spending was key to lighting a fire under the world economy, while Germany instead emphasised economic reforms.
As they wrapped up the talks Friday, the group said they all agreed on the need to hammer out a workable plan that took into account the circumstances facing each member - also including the United States, Britain, France, Italy and Canada.
"Global growth is our urgent priority," the G7 said in a final communique, adding that growth remained "moderate and below potential".
"Taking into account country-specific circumstances, we commit to strengthening our economic policy responses in a cooperative manner and to employing a more forceful and balanced policy mix, in order to swiftly achieve a strong, sustainable and balanced growth pattern."
It added: "We reiterate our commitments to using all policy tools - monetary, fiscal and structural - individually and collectively, to strengthen global demand and address supply constraints, while continuing our efforts to put debt on a sustainable path."
The group also said it would stand by earlier pledges to stay committed to "mutually-reinforcing fiscal, monetary and structural policies".
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons