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G20 Finance Ministers and Central Bank Governors Meeting Shanghai, February 27, 2016

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Feb 28, 2016

On February 28, 2016, G20 finance ministers and central bank governors released a summary of their meeting held in Shanghai on February 26–27. In their communiqué, they indicate they took several steps to move many of the detailed items forward on the G20 agenda and added a few initiatives to address terrorist financing and green finance.

The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities have risen, against the backdrop of volatile capital flows, a large drop of commodity prices, escalated geopolitical tensions, the shock of a potential UK exit from the European Union and a large and increasing number of refugees in some regions. Additionally, there are growing concerns about the risk of further downward revision in global economic prospects. While recognizing these challenges, we nevertheless judge that the magnitude of recent market volatility has not reflected the underlying fundamentals of the global economy. We expect activity to continue to expand at a moderate pace in most advanced economies, and growth in key emerging market economies remains strong. However, we agree that we need to do more to achieve our common objectives for global growth. We will continue to monitor global economic and financial developments closely.

Read the Communiqué on the Web site of the University of Toronto.

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