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Journalism of Courage
Finance chiefs from the world’s rich nations agreed on Saturday that the global economic outlook had brightened significantly, with the threat of further rises in oil prices one of the few clouds in the horizon.
Finance ministers and central bankers from the Group of Seven economic powers stopped short of recommending specific action on energy costs, but expressed differences about oil’s impact on their respective economies.
‘‘Prospects are favourable and although risks remain, such as energy prices, overall the balance of risks to the outlook has improved,’’ G-7 officials said in a communique after their Washington gathering. The ministers sounded more sanguine about the economy’s fortunes than even 2-1/2 months ago, saying the recovery ‘‘continued to strengthen and broaden’’ since they last met in Boca Raton, Florida, in February.
The G-7 — the US, Britain, Canada, France, Germany, Italy and Japan — met as key economies like the US and even Japan show signs of gaining momentum that ministers expect to be sustained. ‘
‘Beyond the US, there is also good news,’’ US Treasury Secretary John Snow said. ‘‘Japan has turned in several good quarters, as has the UK.’’
— GERNOT HELLER / REUTERS
