G20 finance chiefs optimistic on economy, oppose protectionism

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Signage is seen outside World Bank Group headquarters during the International Monetary Fund and World Bank Group annual meetings in Washington, D.C., October 23, 2024. /CFP

Finance chiefs from the G20 expressed optimism for achieving a "soft landing" for the global economy and urged resistance to protectionism, according to a final communique released on Thursday that retained the key points of a draft document.

"We observe good prospects of a soft landing of the global economy, although multiple challenges remain," according to the joint statement issued at the conclusion of the G20 finance ministers meeting on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Washington.

The communique contained no mentions of the Russia-Ukraine conflict, long a point of division for the group, nor the conflicts involving Israel and Hamas in Gaza and Hezbollah in Lebanon.

A separate chair's statement issued by Brazil, which holds the G20 presidency this year, said however that members had differing views on whether the conflicts should be discussed within the group.

"Some members and other participants considered that these issues have an impact on the global economy and should be treated in the G20, while others do not believe that the G20 is a forum to discuss these issues," the four-paragraph statement said.

It added that Brazil would conduct discussions on the conflicts among G20 "sherpa" officials in preparation for a G20 leaders summit in Rio de Janeiro in November.

Source(s): Reuters