G20 financial chiefs

G20 financial leaders are expressing optimism about a potential 'soft landing' for the global economy, despite cautioning that wars and escalating conflicts pose significant risks to this outlook. In a joint communique, they highlighted that the global economy is expected to stabilize at 2.6% growth in 2024, avoiding a third consecutive decline since the post-pandemic recovery began in 2021. However, the document noted that output levels will remain below pre-pandemic figures through 2026, and emphasized the uneven recovery across countries, which could lead to increased economic divergence. To sidestep tensions regarding the conflicts in Ukraine and Gaza, the G20 has opted to address geopolitical issues at their leaders' meeting in November. The communique also underlined the importance of resisting protectionism in trade and called for reforms within the IMF to better reflect economic realities. Furthermore, it acknowledged the dual nature of technological advancements, like AI, which may present both opportunities and challenges for future growth.