G7 Leaders Debate Global Economy

Group of Seven leaders voiced concern about emerging economies at a summit in Japan on Thursday while the Japanese Prime Minister Shinzo Abe mentioned the 2008 crisis as he set out his take on the state of the economy during the first session.

    The annual summit which kicked off on Thursday in the central Japanese city of Shima, about 300 km southwest of Tokyo, will discuss global economy, terrorism and maritime security.

    Abe presented data showing global commodities prices fell 55 percent from June 2014 to January 2016, the same margin as from July 2008 to February 2009, after the Lehman collapse, NHK World reported.

    Abe said the G7 must recognize that the global economy is at a crossroads, and that it could fall into a crisis if they fail to act properly. He called for G7 policy coordination to put the world economy back on a growth path.

    The G7 leaders agreed that it is important they create a flexible fiscal strategy and push for structural reforms, to achieve sustainable global economic growth.

    The two-day meeting brings together leaders from Britain, Canada, France, Germany, Italy, Japan and the US.