Threats still seen to world economy

WASHINGTON — The global recovery has regained most of the ground lost from the market turbulence at the beginning of the year, finance officials of the world’s largest economies said Friday. But they worry that growth remains uneven in the face of a variety of threats ranging from terrorist bombings to Britain’s upcoming vote on whether to leave the European Union.

The finance ministers from the Group of 20 major economies pledged to pursue policies that will bolster growth and further stabilize financial markets, but they offered no new measures to accomplish these goals.

Lou Jiwei, China’s finance minister, defended his country’s handling of its economy against criticism that has seen two major credit rating agencies recently downgrade the outlook for Chinese bonds.

The joint statement from the G-20 finance ministers and central bank governors repeated many of the promises the group had made at their last meeting in Shanghai in late February. However, at that time global financial markets had just gone through significant turbulence over concerns about a worse-than-expected slowdown in China, falling oil prices and the threat they posed to the global economy.

U.S. Treasury Secretary Jacob Lew said the resolve demonstrated by the finance officials to bolster global growth represented a strong statement rebutting the voices of antiglobalization. He said cooperation was needed because the U.S. “cannot and must not be the only engine of growth . ... All major economies need to deploy a full tool kit of economic policy measures.”

Japanese Finance Minister Taro Aso said the world’s financial markets are starting to regain “composure,” although he said “downside risk” persists. Aso voiced particular concern about risks from volatility in capital flows and foreign exchange rates.