G20 calls for more action to build sustainable growth

WASHINGTON (AFP) - The Group of 20 economic powers said on Friday that major crises have been overcome but that more efforts are needed to strengthen global growth.

The G20 "reaffirmed our determination to raise growth and create jobs," the group said in a statement following a meeting of finance chiefs in Washington.

"The global economy has avoided some major tail risks and financial market conditions continue to improve. However, global growth has continued to be too weak and unemployment remains too high in many countries." "We have agreed that while progress has been made, further actions are required to make growth strong, sustainable and balanced."

The G20 finance ministers and central bank governors said the global economy is still held back by uncertain government policies, still-heavy private and public debt loads, impaired bank lending, and "incomplete rebalancing" of global demand - a push on surplus economies like China and Japan to stimulate more local demand.

But they also urged the United States and Japan, both undertaking strong efforts to expand domestic demand, to quickly fashion "credible" medium-term plans for reeling in their huge debt and deficit loads.

"We will continue to implement ambitious structural reforms to increase our growth potential and create jobs," the group added.