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G20 says global economic recovery 'too weak', risks remain

AFP  Saint Petersburg, September 06, 2013
First Published: 19:17 IST(6/9/2013) | Last Updated: 19:20 IST(6/9/2013)
The global economic recovery is too weak with the risk of a further slowdown, and regional disparities are too high, G20 leaders said after their summit in Russia on Friday.

"Despite our actions, the recovery is too weak, and risks remain tilted to the downside," the leaders said in their final communique.
"Global growth prospects for 2013 have been marked down repeatedly over the last year, global rebalancing is incomplete, regional growth disparities remain wide, and unemployment, particularly among youth, remains unacceptably high," the statement said.
While there are signs of recovery in the euro area and growth has continued in emerging market economies, it has slowed down in developing countries, it added.
In a reference to concerns by emerging markets about the tapering of stimulus programmes, they vowed that future changes to monetary policy settings will be "carefully calibrated and clearly communicated".
But also the statement appeared to recognise the need for central banks such as the US Federal Reserve to eventually end their monetary easing policies.
"We remain mindful of the risks and unintended negative side effects of extended periods of monetary easing," it said.
"We recognise that strengthened and sustained growth will be accompanied by an eventual transition toward the normalisation of monetary policies," it added.         

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