Global growth continues broadly but risks are rising for developing economies with higher oil prices, rising interest rates, high debt levels and the threat of trade war as top concerns,” said Hon. Sri Lanka Finance Minister Mangala Samaraweera who is also the Chairman of the G-24.
He urged major powers to reform and reinforces rather than discard the rules-based global trading system.
Concern over rising risks to emerging market economies were center stage this week as global Finance Ministers and Central Bank Governors gathered this week in Bali, Indonesia.
Bali hosted both the biannual Ministerial Meeting of the Group of Twenty-Four (G-24) developing countries and the annual meetings of the International Monetary Fund and World Bank Group officials.
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