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More needs to be done to achieve balanced growth: G20 draft communique
July 23, 2016 / 8:01 AM / in a year

More needs to be done to achieve balanced growth: G20 draft communique

CHENGDU, China (Reuters) - The G20 economies will reiterate their determination to use all policy tools, individually and collectively, to achieve their goal of strong, sustainable and balanced growth, according to a draft of the G20 communique seen by Reuters on Saturday.

“We are making further progress towards the implementation of our growth strategies, as is indicated by the preliminary assessment of the international organizations as well as results from our enhanced peer reviews, but we also acknowledge that more needs to be done,” the draft said.

“We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes. We will resist all forms of protectionism,” it said.

The communique also said that the G20 hopes to see Britain as a close partner of the European Union, and that the economies were well positioned to proactively address the potential economic and financial consequences of Britain’s decision to leave the European Union.

Reporting by Jan Strupczewski, Writing by Brenda Goh; Editing by Jacqueline Wong

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