Economic leaders on world economy

Added On May 15, 2014

 World economy still faces various risks despite its recent improvements, and further efforts on growth and consolidation are needed.

That's according to a joint statement released by heads of world's leading economic organizations on Tuesday.
The statement says high unemployment, significant output gap, low investment, rising inequality and slowdown in emerging economies still have an impact on global growth prospects. 
Chiefs of the Organization for Economic Cooperation and Development, the International Monetary Fund, the World Bank, the International Labor Organization and the World Trade Organization made the remarks in a joint statement with German Chancellor Angela Merkel released after their meeting in Berlin.
It says that "the global economy has noticeably improved, but is still far from a robust, sustainable growth." 
The leaders note "the debt level of most industrialized countries remains too high at the level of the state, enterprises and households. 
And in many countries, the unsatisfactory development of the labor market must continue to be addressed urgently.
They have urged governments to continue their efforts on promoting growth and ensuring fiscal consolidation.
Structural reforms should continue to be implemented in the euro zone to strengthen the stability and competitiveness in the common currency area.
In the United States, a credible medium-term budget is needed for its fiscal consolidation, as the country still suffers from a high level of debt.
Emerging economies, meanwhile, must retain their strategies to ensure sustainable growth, improve adaptability to external shocks, and to reduce poverty.
According to IMF, global economy would grow by 3.6 percent in 2014 and by 3.9 percent in 2015.