Global economic growth an 'urgent priority': G7 group

    Global economic growth an 'urgent priority': G7 group

    May 27, Tokyo: The leaders of the G7 group have said that a British vote to leave the European Union would seriously threaten global growth. They also said that the world economy is an urgent priority.

    In its final statement, the world's seven leading industrial nations pledged to "collectively tackle" major risks to global growth and committed to a cooperative approach in beefing up policies to stimulate their sluggish economies.

    In a statement following a two-day summit in the Japanese resort of Ise-Shima, they said, "Global growth remains moderate and below potential, while risks of weak growth persist."

    The statement added that: "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."

    Last month, the International Monetary Fund cut its global economic growth outlook for this year to 3.2 per cent, compared to a forecast of 3.4 per cent in January.

    For 2017, the IMF said the global economy would grow 3.5 per cent, down 0.1 percentage point from its January projection.

    The Oslo Times


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