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Home >> Business
UPDATED: 09:11, December 05, 2005
Volatile oil prices slowing global growth: G7
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Factors like high and volatile oil prices are slowing the overall global growth which remains and should continue to be solid, said the finance ministers and central bank governors of the Group of Seven industrialized nations on Saturday.

"Risks include rising protectionist sentiment, the possibility of increasing inflationary pressures and growing global imbalances, which have been exacerbated by high oil prices," they said in a statement wrapping up their two-day meeting here on Saturday.

It said G7 is committed to fighting against those who seek to abuse the international financial system for criminal or terrorist purposes.

Practical measures have been taken, according to the statement, to significantly improve the organization's ability to freeze terrorist assets, and the international exchanged of information relating to money laundering and terrorist financing have been enhanced.

The G7 ministers said significant investment is needed in exploration, production, energy infrastructure and refinery capacity.

The G7 will ask the IEA (International Energy Agency) to report the energy efficiency in progress and develop alternative sources of energy, which are key challenges for all economies.

The G7 looks forward to launching a framework at the Spring Meetings of the World Bank with full participation of Regional Development Banks to enhance investment in low carbon energy and energy efficiency in developing countries, said the statement.

Source: Xinhua


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