G7 Sees Improved World Economy but Cites Oil Risk

20/04/2002| IslamWeb

WASHINGTON (Reuters) - Finance officials from the world's wealthiest nations said on Saturday the global economy is healthier now than a few months ago but that rising oil prices could pose a risk ahead.

The assessment came in a brief communiqué issued after a morning meeting at the U.S. Treasury Department of finance ministers and central bank presidents from the Group of Seven industrialized nations. (Read photo caption within)

On currencies, the G7 said it would monitor markets and cooperate "as appropriate" -- sticking to language typically found in post-G7 meeting statements.

While the group said emerging markets and developing countries are "now showing clear signs of recovery," officials said they remained worried about Argentina's economic woes. "The situation in Argentina is of serious concern," the statement said.

The G7 meeting took place on the sidelines of the spring meetings of the International Monetary Fund and the World Bank. The G7 includes the United States, Britain, Canada, France, Germany, Italy and Japan.

PHOTO CAPTION:


The G7 Finance Ministers and the Spanish Finance Minister gather for a photo outside the Treasury department April 20, 2002 in Washington. (L to R): Spanish Finance Minister Rodrigo de Rato, UK Chancellor of the Exchequer Gordon Brown, German Finance Minister Hans Eichel, U.S. Secretary of Treasury Paul O'Neill, Canadian Finance Minister Paul Martin, French Finance Minister Laurent Fabius, Japanese Finance Minister Masajuro Shirokawa and Italian Minister of Economy and Finance Giulio Tremonti. (Mike Theiler/Reuters)