G-20 calls for commercial truce amid cooling global economy


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G-20 calls for commercial truce amid cooling global economy

On Friday, the 12th of April 2019, the financial leaders of G-20 nations had urged countries to resolve their deep differences in trade and opted for cross-border cooperation alongside a timely political action, as the risks of slowdown had been turning out to be far greater than expected and pushing the global economy towards a steep recession risk, although Central bank Chair’s of world’s top economies including ECB (European Central Bank) and Unite States’ Federal Reserve had been quoted saying that their economies were far from entering into a recession.

Never the less, if the nations kept pressing on retaliatory tariffs on goods as they had been inclining for the past few years, forecasts on recession risk would have taken a sharp reversal at any moment. Over the recent G-20 gathering, the financial leaders of 20 industrialized countries had expressed steep concerns that the financial weakness which had become evident would likely to be spread, if the countries could not resolve their bitter trade tensions.

After a meeting of the financial leaders of G-20 nations, adding that the trade balances were continued to wilt amid a higher recession risk, the finance minister of Japan, Taro Aso said at a press conference, “We recognize the risk that growth prospects may deteriorate if weaknesses are fed back into key economies”.