Reuters: US Dollar Report: UPDATE 1-G20 to say economy recovering, crisis not yet overcome - Russia

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UPDATE 1-G20 to say economy recovering, crisis not yet overcome - Russia Sep 6th 2013, 08:59 Fri Sep 6, 2013 4:59am EDT ST. PETERSBURG, Russia, Sept 6 (Reuters) - The Group of 20 will say in its summit communique that the global economy is improving but it is too early to declare an end to crisis, a Russian official involved in its drafting said on Friday. "Compared to the start of the Russian presidency there has definitely been a shift in the assessment, and that is reflected in the leaders' communique," Andrei Bokarev, head of the Finance Ministry's international relations department, told Reuters. "But it's definitely too early to say that the crisis has been overcome and that it will be easy from now on." The summit debate on the health of the world economy, chaired by Russian President Vladimir Putin on Thursday evening, was "difficult" and reflected concerns about a growth slowdown in the developing world. "The most difficult and time-consuming discussions related to the evaluation of the situation of global economy," Bokarev said in an interview on the sidelines of the two-day summit in St. Petersburg. The prospect that the U.S. Federal Reserve may rein in its expansive monetary policies as soon as this month has vexed emerging economies that had enjoyed rapid growth thanks to a flood of cheap dollars into the world economy. "The communique of course reflects that developed economies' share in global economic growth will be larger than that of emerging markets," Bokarev said. "The communique states that developing economies are making a big contribution to global growth, but at the same time it is obvious there is a slowing trend." Link this Share this Digg this Email Reprints

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