G20 urges sustainable finances to soothe markets

BUSAN, South Korea (BestGrowthStock) – The world economy is recovering faster than expected but recent financial market volatility serves as a reminder that significant challenges remain, the Group of 20 said on Saturday.

“The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability, differentiated for and tailored to national circumstances,” the G20 said in a communique released after a two-day meeting of finance ministers and central bank chiefs.

“Those countries with serious fiscal challenges need to accelerate the pace of consolidation,” the G20 said, adding, “Within their capacity, countries will expand domestic sources of growth, while maintaining macroeconomic stability.”

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(Writing by Alan Wheatley; Editing by Tomasz Janowski)

G20 urges sustainable finances to soothe markets