BUENOS AIRES – Finance leaders from the Group of 20 major economies said Sunday heightened trade and geopolitical tensions pose an increased threat to global economic growth, calling for greater dialogue and action.
The G-20 finance ministers and central bank governors agreed that international trade and investment are “important engines of growth,” according to their communique issued after a two-day meeting in Buenos Aires, but they stopped short of producing concrete steps to prevent the spread of protectionism.
The meeting came at a time when trade tensions are running high between the United States and China, which have placed new tariffs on $34 billion worth of each other’s goods and threatened further action.
The communique said that the global economy remains robust and unemployment is at a decade low but that growth has become less synchronized recently and downside risks over the short and medium term have increased.
The risks “include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies,” the communique said.
The G-20 consists of Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.