G-20 Ready to Enhance Measures for Economic Recovery

Economy Politics

Tokyo, July 18 (Jiji Press)--Finance ministers and central bank chiefs of the Group of 20 advanced and emerging economies on Saturday expressed their readiness to take additional measures to support the recovery of the global economy in response to the continuing novel coronavirus pandemic.

Global economic activities are "expected to contract sharply in 2020 due to the impact of the COVID-19 pandemic" and associated disruptions in supply and demand, the G-20 officials said in a joint statement issued after their videoconference.

They said that the world economy is "expected to recover going forward" partly because the impacts of significant policy actions taken so far by countries and regions materialize, but added that the outlook "remains highly uncertain and is subject to elevated downside risks,"

"We are determined to continue to use all available policy tools to safeguard people's lives, jobs and incomes, support global economic recovery, and enhance the resilience of the financial system," they said.

Noting that "we are taking immediate and exceptional measures" to address the pandemic, such as "unprecedented fiscal, monetary and financial stability actions," the officials said, "We will continue, and strengthen as necessary, these efforts to support a fast and robust recovery to achieve strong, sustainable, balanced and inclusive growth."

[Copyright The Jiji Press, Ltd.]

Jiji Press