G20 Finance Ministers the Central bank Governors said in the post-meeting communiqe that global growth “appears to be stabilizing” and is “generally projected to pick up moderately later this year and into 2020. However, risks to global growth remain “tilted to the downside”.
And they warned, “most importantly, trade and geopolitical tensions have intensified.” The group pledged to “continue to address these risks, and stand ready to take further action.” However, the originally proposed language of “recognize the pressing need to resolve trade tensions” was dropped.
Nevertheless, the group still “reemphasize that international trade and investment are important engines of growth, productivity, innovation, job creation and development”. And they will “continue to take joint action to strengthen international cooperation and frameworks.”