G20 WARNS OF BREXIT “SHOCK” TO UNEVEN GLOBAL ECONOMIC RECOVERY

Brexit 2

LONDON (Alliance News) – The G20 meeting of finance ministers said the global economic recovery has continued but remains “uneven”, adding the risk of Britain leaving the European Union is among the downside risks causing concern.

Following a meeting in Shanghai, the ministers said the global economic recovery has continued and said the “magnitude” of recent volatility in markets had not reflected “underlying fundamentals” of the global economy. They expect “activity to continue to expand at a moderate pace in most advanced economies, and growth in key emerging market economies remains strong.”

However, the G20 ministers said the downside risks threatening recovery have continued, including volatile capital flows, a large drop in commodity prices, escalated geopolitical tensions worldwide, and the “shock” of Britain’s potential exit from the EU.

The ministers, who represent 20 major economies, agreed, “we need to do more to achieve our common objectives for global growth.”

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

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