The United States is carrying the world economy at the moment but that is not sustainable, and other major nations must shoulder more of the load, Canadian Finance Minister Joe Oliver said on Friday.
Oliver said in a speech that the world economy is off to a rough start in 2015 and that “kick-starting global growth will be front and center” at a Group of 20 meeting of finance ministers and central bank chiefs in Turkey next week.
“Though America is carrying the world economy at the moment, that is simply not sustainable. We need key pillars of global growth to reassert themselves,” Oliver told a meeting of mayors from the Toronto region.
The G20 came into its own during the 2007-09 financial crisis when it put together a global stimulus package, but it is now facing the more delicate challenge of arriving at joint action when economies are running at different speeds.
“The euro area is confronting flat growth and deflation. Beyond Europe, the growth rates of key emerging economies – China and India – are losing steam,” Oliver said.
“Geopolitical crises – in Ukraine, Iraq, and Syria – pose serious risks, complicating the recovery.”
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