The Group of 20 (G-20) nations on Saturday pledged to use all policy tools, including monetary, fiscal and structural ones, to strengthen global recovery that has remained uneven, China's state-run Xinhua News Agency reported.
"The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balance growth," noted a communique issued after the two-day G-20 Finance Ministers and Central Bank Governors Meeting in from Shanghai.
The policymakers cited volatile capital flows, slumping commodity prices, escalated geopolitical tensions, a potential UK exit from the European Union and increasing refugees as major vulnerabilities of the global economy.
To foster confidence, monetary policies will continue to support economic activity and ensure price stability, but monetary tools alone cannot lead to balanced growth, according to the communique.
"We will use fiscal policy flexibly to strengthen growth, job creation and confidence," it added. The nations reaffirmed their previous exchange rate commitments, including refraining from competitive devaluations and not
targeting exchange rates for competitive purposes.
"We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce uncertainty, minimize negative spillovers and promote transparency," the communique pledged.
The gathering of finance chiefs from the world's 20 major economies came amid weak economic growth worldwide and increasing volatility in the financial markets. The International Monetary Fund (IMF) earlier this week highlighted increasing risks to global recovery and called for urgent and bold action to support growth.
In January, it forecast the global economy to grow 3.4 percent this year and 3.6 percent next year, both 0.2 percentage points lower than its forecast in last October.
The IMF also said it may further downgrade the figure when it publishes its next forecast in April. G-20 nations include such countries as China, Japan, Germany, Russia, Saudi Arabia and the US.