G20: Global recovery ‘strengthening, but still uneven’

PARIS – In the face of an “uneven” eco­nomic recovery, members of the G20 meeting in Paris agreed Saturday that the international monetary system has proven “resilient, but vulnerabilities remain,” according to CNN. De­legates at the meeting of finance ministers and central bank governors cited in a communique issued at the end of their two-day meeting the need to prevent “disorderly movements” and “persistent misalignment” of exchange rates. The global recovery is “strengthening, but is still uneven” and “downside risks remain,” according to the communique. Advanced countries still suffer high unemployment, and emerging economies are growing robustly, “some with signs of overheating,” the group said in its communique. G-20 delegates also expressed concern about volatile commodity prices, which can affect the cost of food. Food prices are up almost 30% in the past year. Sugar and wheat prices have risen 20%, while fats and oils used in cooking jumped 22%, according to the World Bank. “Our research shows higher global wheat prices have directly fed into sharp increases in domestic wheat prices in many countries,” Robert Zoellick, president of the World Bank, said earlier this week.

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