Sunday, 09 June 2019 14:51

G20 Seeks to Protect Global Economy

Written by PL
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G20 Seeks to Protect Global Economy Photo: Taken from PL

Finance Ministers and central bankers of the G20 Group promised on Sunday to synchronize policies to protect global economic development.

Tokyo.- At the end of a two-day meeting in the Japanese city of Fukuoka, they agreed to use all resources at their disposal to gain such purpose.

They pointed out intensification of both commercial risks and geopolitical tension. They did not directly refer to the tariff war between the United States and China although the G20 leaders indicated that it was their main concern.

Despite calculated risks, they set out that the world's growth seems to be stabilizing and it is expected to go up later this year and the next.

Even though they urged the United States to abide by international regulations, which the US has been defending for decades until Donald Trump´s term, G20 participants said there is consensus on the need to reform the WTO to update it.

The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Great Britain, the United States and the European Union.

COMMERCIAL WAR, G20'S MAIN CONCERN

he richest worldwide economies still dread on Sunday declaring US commercial war mainly against China.

US worrisome position was the main issue discussed during the recently concluded G20 meeting in Fukuoka. According to experts, tariffs, protectionist policies and other ills initiated by the Donald Trump´s administration not only covers his confrontation with Beijing, but also extends to the rest of the world.

Hence, the finance ministers and those responsible for the central banks of the G20 admitted that commercial tensions have worsened.Thus, such worsening poses a menace to global economy.

After 30 hours of debate amid a tense atmosphere, the G20 released a final statement in which it recognizes low economic growth and risks of worsening.

According to estimates from the International Monetary Fund (IMF), the tariffs imposed by Washington and Beijing, including those that have been in force since 2018, could reduce the world Gross Domestic Product (GDP) by 0.5 percent in 2020.

Obviously, the war among the largest economies brings about both concerns for economic development and for the poorest countries´ impact on such differences.

Hence, it is a very significant time for economy and commerce at a general level, something that many appreciate as difficult to tackle on by rich groups, such as the G20. (PL)

Read 199 times Last modified on Monday, 10 June 2019 09:27

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