REPORT: G20 will use "all policy tools" to lift growth as Brexit weighs

Rita Khoury Author: Rita Khoury
Breaking Headlines
2016-07-24 | 12:21
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REPORT: G20 will use "all policy tools" to lift growth as Brexit weighs
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REPORT: G20 will use "all policy tools" to lift growth as Brexit weighs

The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.

 

Philip Hammond, Britain's new finance minister, said the uncertainty about Brexit would begin to abate once Britain laid out a vision for a future relationship with Europe, which could become clearer later this year.

 

But there could be volatility in financial markets throughout the negotiations in the years ahead, Hammond said after the meeting of finance ministers and central bankers from the Group of 20 (G20) major economies in China's southwestern city of Chengdu.

 

A communique issued by the G20 ministers at the end of the two-day meeting said Brexit, which dominated discussions, had added to uncertainty in the global economy where growth was "weaker than desirable". It added that members, however, were "well positioned to proactively address the potential economic and financial consequences".

 

The International Monetary Fund this week cut its global growth forecasts because of the Brexit vote.

 

Whereas monetary policy figured prominently in previous meetings of G20 financial officials, Bank of France Governor Francois Villeroy de Galhau said there was very little debate this time and discussions focused instead on growth.

 

There was broad consensus that the global economy needed more growth, US Treasury Secretary Jack Lew told reporters, while Chinese Finance Minister Lou Jiwei said it had been easier to forge consensus because the global recovery remained weak.

 
 
REUTERS
 
 
For more details, watch the full report in the video above

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