Global economy facing heightened uncertainty, complex challenges: G20

Durban [South Africa], July 19: The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme weather events and natural disasters, which impact economic growth, financial and price stability, accoridmg to a statement issued by the G20 Finance Ministers and Central Bank Governors (FMCBG), following their meeting on 17 and 18 July 2025, in Durban, South Africa.
Under the G20 South Africa Presidency's "Solidarity, Equality and Sustainability" theme, the ministers and governors committed to international policy cooperation to further promote global prosperity and address key shared challenges.
''In light of high public debt and fiscal pressures, we recognise the need to raise long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments and undertaking productivity-enhancing reforms. Structural reforms are essential for generating strong economic growth and creating more and better jobs,'' they said.
''All excessive imbalances should be further analysed by the IMF and, if necessary and, without discrimination, addressed through country-specific reforms and multilateral coordination, in a way that contributes to an open global economy and without compromising sustainable global growth. We reaffirm our April 2021 exchange rate commitment.''
''We reaffirm our commitment to addressing vulnerabilities and promoting an open, resilient, and stable financial system, which supports economic growth,'' they stressed.
Source: Emirates News Agency