LONDON, June 18 (RIA Novosti) - Leaders of the G8 group of major economic powers said in a joint communique after their meeting in Northern Ireland on Monday that they were not satisfied with measures to spur the global economic growth.
The statement said that global economic prospects “remain weak,” though downside risks have reduced due to actions taken in the US, euro area and Japan, as well as to the resilience of major developing and emerging market economies.
"While countries have taken steps to avoid the worst of the tail risks that faced the world economy in 2012, vulnerabilities remain in 2013, highlighting the need for countries to press ahead with the necessary reforms to restore sustainable growth and jobs," the statement reads.
“Most financial markets have seen marked gains as a result. However, this optimism is yet to be translated fully into broader improvements in economic activity and employment in most advanced economies. In fact, prospects for growth in some regions have weakened since the [2012] Camp David summit,” the G8 leaders said.
Measures to restore sustainable global growth and curb unemployment will be priorities for the eight nations.
“The fight against unemployment, particularly long-term and youth unemployment remains critical in our domestic and collective agendas,” the statement reads.
The statement describes economic situation in Russia as mostly favorable, though challenges remain for its future economic growth.
“Russia is experiencing low unemployment and a favorable fiscal position, but more moderate global growth and volatile commodity prices will be a challenge,” the statement reads.
