Garg: Coordinated action needed to minimise spillover effects of global risks
Trade tensions and rising oil prices are affecting emerging nations and G-20 countries should take coordinated action to minimise the negative spillover effects of global risks on developing economies, Economic Affairs Secretary Subhash Chandra Garg said.
During his intervention at G-20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia on October 11-12, Garg appreciated the progress of work under the Argentine Presidency on developing infrastructure as an asset class, a Finance Ministry statement said.
Garg said risks related to trade tensions, financial vulnerabilities and oil prices have materialised and are having major impact on the Emerging Market Economies.
The deliberations in the G-20 meeting centred on key risks facing the global economy, enhancing a resilient international financial architecture, financing infrastructure development.