G-7 leaders disagree over risks to global economy
27.05.2016,
10:51
Leaders of the Group of Seven leading industrialized nations talked about ways to stoke the global economy, but appeared to disagree on the risks to growth and exactly how to respond, The Wall Street Journal reported Thursday after the leaders gathered in Japan.
YEREVAN, May 27. /ARKA/. Leaders of the Group of Seven leading industrialized nations talked about ways to stoke the global economy, but appeared to disagree on the risks to growth and exactly how to respond, The Wall Street Journal reported Thursday after the leaders met in Japan.
U.S. President Barack Obama is quoted by The Wall Street Journal as saying that G-7 leaders spent significant time during their meetings Thursday discussing the global economy and the “need to continue to accelerate growth.”
Mr. Obama noted the recovery taking place in the U.S. and some progress in the European economy, saying an agreement reached Wednesday on the Greek debt crisis should help. He said G-7 leaders “emphasized the importance of pushing back against either protectionism or competitive currency devaluations or the kind of beggar-thy-neighbor strategies that all too often end up leaving everybody worse off.”
“We agreed to continue to focus on making sure that each country, based on its particular needs and capacities, is taking steps to accelerate growth,” Mr. Obama said.
Policy makers from G-7 nations have stressed in recent months the need to work together to support growth with fiscal stimulus and structural reforms as well as the extraordinarily easy monetary policies already in place in the U.S., Europe and Japan. This had raised expectations that they might reach an agreement on coordinated fiscal stimulus during the summit.
Mr. Abe, Japanese Prime Minister, who is hosting the summit, offered a grimmer picture of the world’s economy Thursday, warning of the risk of an economic “crisis” and calling for concerted fiscal stimulus by G-7 members, which has faced resistance from Germany.
The leaders plan to focus on security issues during the remaining time at the summit, including tensions in the South China Sea and violence in Ukraine. ---0---
U.S. President Barack Obama is quoted by The Wall Street Journal as saying that G-7 leaders spent significant time during their meetings Thursday discussing the global economy and the “need to continue to accelerate growth.”
Mr. Obama noted the recovery taking place in the U.S. and some progress in the European economy, saying an agreement reached Wednesday on the Greek debt crisis should help. He said G-7 leaders “emphasized the importance of pushing back against either protectionism or competitive currency devaluations or the kind of beggar-thy-neighbor strategies that all too often end up leaving everybody worse off.”
“We agreed to continue to focus on making sure that each country, based on its particular needs and capacities, is taking steps to accelerate growth,” Mr. Obama said.
Policy makers from G-7 nations have stressed in recent months the need to work together to support growth with fiscal stimulus and structural reforms as well as the extraordinarily easy monetary policies already in place in the U.S., Europe and Japan. This had raised expectations that they might reach an agreement on coordinated fiscal stimulus during the summit.
Mr. Abe, Japanese Prime Minister, who is hosting the summit, offered a grimmer picture of the world’s economy Thursday, warning of the risk of an economic “crisis” and calling for concerted fiscal stimulus by G-7 members, which has faced resistance from Germany.
The leaders plan to focus on security issues during the remaining time at the summit, including tensions in the South China Sea and violence in Ukraine. ---0---
