Finance chiefs from the G20 have expressed optimism about achieving a “soft landing” for the global economy, while calling for resistance to protectionism. This sentiment was shared in a final communique released on Thursday at the conclusion of the G20 finance ministers meeting, held alongside the annual meetings of the International Monetary Fund and World Bank in Washington.
“We observe good prospects of a soft landing of the global economy, although multiple challenges remain,” the joint statement declared, reflecting a cautious but hopeful outlook among the world’s major economies.
The meeting underscored the importance of open trade and cooperation in navigating the current economic landscape. The finance chiefs emphasized that protectionist policies could hinder global growth and recovery, urging all nations to work together to promote stable and sustainable economic development.
The communique notably did not mention ongoing geopolitical conflicts, including those involving Russia and Ukraine, as well as the recent tensions in the Middle East. A separate statement by Brazil, which holds the G20 presidency this year, acknowledged differing views among members on whether such conflicts should be addressed within the G20 forum.
“Some members and other participants considered that these issues have an impact on the global economy and should be treated in the G20, while others do not believe that the G20 is a forum to discuss these issues,” the Brazilian chair’s statement noted.
Brazil indicated that it would facilitate discussions on these matters among G20 officials in preparation for the upcoming G20 leaders summit in Rio de Janeiro in November. The aim is to find common ground and ensure that the group’s focus remains on fostering economic stability and growth.
The meeting highlighted the delicate balance the G20 must maintain in addressing economic issues while navigating geopolitical sensitivities. The consensus to prioritize economic cooperation over divisive topics reflects a collective effort to support the global economy amid uncertainties.
