MOSCOW: Finance chiefs of G-20 recently sought to keep budget deficits in check without harming fragile growth as the world economy emerges from slowdown. Officials from the top 20 advanced and emerging economies will seek in their final communiqué to show unity on the issue of how to promote growth without harming fiscal situations. The United States made clear ahead of the meeting that the fight against unemployment should be the primary concern. In contrast, some states have repeatedly argued over the importance of fiscal prudence and not harming budgets. All G20 governments are acutely aware of the fragility of their recoveries from the global slowdown. The International Monetary Fund cut its forecast for global growth, projecting the world’s economy would grow 3.1% in 2013, down from its April estimate of 3.3%. The G-20 is expected to make a firm commitment to implementing an action plan to battle these issues.
Published in The Express Tribune, June 21st, 2013.
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