Top G-20 Finance Officials Voice Concern over Trade Friction

Economy Politics

Buenos Aires, July 22 (Jiji Press)--Top finance and monetary officials from the Group of 20 advanced and emerging economies warned on Sunday that escalating trade friction could increase risks to the growth of the world economy.

In a communique released after their two-day meeting in Buenos Aires through the day, the officials also reconfirmed last year's G-20 summit declaration that showed opposition to protectionism.

This was the first G-20 meeting since the United States and China, the world's two biggest economies, went into tit-for-tat trade war recently.

"Global economic growth remains robust, and unemployment is at a decade low," the G-20 finance ministers and central bank chiefs said in the communique.

"However...downside risks over the short and medium term have increased," they said, noting, "These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies."

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