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G20 nations pledge 'all policy tools' to strengthen global recovery
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THE G20 nations on Saturday pledged to use all policy tools, including monetary, fiscal and structural ones to strengthen global recovery that has remained uneven.
"The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balance growth," noted a communique issued after the two-day G20 Finance Ministers and Central Bank Governors Meeting in Shanghai.
The policymakers cited volatile capital flows, slumping commodity prices, escalated geopolitical tensions, a potential UK exit from the European Union and increasing refugees as major vulnerabilities of the global economy.
To foster confidence, monetary policies will continue to support economic activity and ensure price stability, but monetary tools alone cannot lead to balanced growth, said the communique.
"We will use fiscal policy flexibly to strengthen growth, job creation and confidence," it added.
The nations reaffirmed their previous exchange rate commitments, including refraining from competitive devaluations and not targeting exchange rates for competitive purposes.
"We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce uncertainty, minimize negative spillovers and promote transparency," the communique pledged.
The gathering came amid weak economic growth worldwide and increasing volatility in the financial markets. The IMF earlier this week highlighted increasing risks to global recovery and called for urgent and bold action to support growth.
In January, it forecast the global economy to grow 3.4 percent this year and 3.6 percent next year, both 0.2 percentage points lower than its forecast in last October. The fund also said it may further downgrade the figure when it publishes its next forecast in April.
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