Financial leaders from the Group of 20 major economies say in a joint communique they see a rising chance of a soft landing of the world economy.
Finance ministers and central bank governors from the G20 wrapped up two-day talks in Rio de Janeiro, Brazil, on Friday.
They said in the communique they are encouraged by the “increasing likelihood of a soft landing of the global economy, although multiple challenges remain.”
The document says “downside risks include wars and escalating conflicts” and persistent inflation that keeps interest rates higher for longer.
It says the G20 members will coordinate their policies and maintain communications toward strong and sustainable growth.
The finance ministers and central bank governors also issued the Rio de Janeiro declaration, which aims to introduce new rules for imposing taxes on IT giants that provide services across national borders.
Japan’s Finance Minister Suzuki Shunichi said the officials had thorough discussions on issues the global economy is facing. He said Japan’s opinions are reflected in the outcome.
Analysts say the G20 members still have different positions and stakes in the situations in Ukraine and the Middle East.
They say many countries are concerned about capital outflows and weaker currencies as interest rates remain high in the US and Europe.
They add that the result of the US presidential election and political situations in other nations could have an impact on the global economy.