G7 leaders stress joint efforts to fight global economic risks

Leaders of the Group of Seven (G7) agreed that the world economy is facing potential risks that should be objectively perceived and solved with joint hands, said Japanese Prime Minister Shinzo Abe after the G7 leaders' summit concluded Friday.

The global economy is witnessing contraction, with emerging economies registering deceleration in economic growth and developed countries suffering from deflationary pressure, Abe told a press conference here.

If the risks are not properly handled, it would very likely fall into a crisis, he said.

The prime minister said G7 leaders have agreed at the summit meeting to use all possible policy measures to raise demand in the global market and bolster economic growth.

The two-day summit has put particular emphasis on the discussion of global economy. In a joint declaration adopted at the summit, G7 leaders reiterated that global growth is an "urgent priority," and the seven countries are committed to employ a more "forceful and balanced policy mix" to achieve a strong, sustainable and balanced growth pattern.

(APD)