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G8 Communique says World Economy Good, Risks Easing - ASHARQ AL-AWSAT English Archive
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POTSDAM, Germany, (Reuters) – Global growth prospects are good and less risk-prone than before, finance ministers from G8 economies said in a communique on Saturday which also called for higher standards throughout the booming hedge fund industry.

At a meeting to prepare a June 6-8 G8 summit, the ministers repeated that a global free trade deal in the stalled Doha Round of negotiations was the responsibility of all, as was the need to resist protectionism.

Amid efforts to combat global warming, the communique cited nuclear energy as one path to pursue and it repeated that high and volatile oil prices posed a continued threat to the world economy that required vigilance.

In its assessment of the economy, the communique made no reference to currency exchange rates.

A draft of the communique obtained by Reuters earlier this week had also noted that inflationary pressures were abating, but the final version released at the meeting near Potsdam, southwest of Berlin, did not contain such a reference.

“Global growth remains robust and it is more balanced across regions and within our countries,” the communique said.

“Risks for the outlook have abated, but high and volatile energy prices remain a concern and we will remain vigilant,” it said.

On climate change, the communique said:

“In order to ensure energy security and to address climate change, we consider energy efficiency and the promotion of energy diversification, which can include advanced energy technologies such as renewable, nuclear, and clean coal, to be important.”

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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