GLENEAGLES, July 8 (RIA Novosti) - Global economic growth will continue but at a more moderate pace, the leaders of the Group of Eight industrialized nations said Friday in a joint statement.
World economic growth in 2004 was high, which was due to macroeconomic policy and higher trade along with increased regional and global integration, the document said. However, the G8 leaders acknowledged that problems remained, especially "constant global misbalances and high oil prices."
The G8 leaders agreed to make efforts to ensure more balanced and dynamic growth. The efforts should include continuing budget consolidation in the United States and Japan, activity to boost efficiency in Canada, and further structural reforms in Russia, Japan and the European Union.
