Japan Prime Minister Shinzo Abe on Monday said that a majority f the leaders in the G7 have agreed upon adoption of fiscal stimuli to help provide a kick to the slowing global demand. Earlier this month, Abe had travelled to Europe to meet the leaders of the scheduled meeting.
Japan is scheduled to host a meeting on May 20-21, inviting all G7 finance ministers and central bankers to participate in the wake of pulling the global economy out of its current spell of slow growth and muted inflation.
“The G7 doesn’t decide things by a majority vote. The leaders would come up with a communiqué after a frank exchange of opinions,” Abe told lawmakers in the nation’s parliament on Monday.
Abe mentioned in his comment that slow growth in economies like China and Japan, coupled with volatility in global crude oil prices pose serious threats to the world economy. The first-quarter economic growth data, on Wednesday would prepare the bedrock, with estimates of 0.1 pct GDP expansion, according to a recent poll by Reuters.
Rising concern about Europe’s sovereign debt burdens, slowing growth in Britain and uncertainty about the pace of interest rate hikes in the United States are also likely to discussed during the two-day summit.