Economy Minister Giancarlo Giorgetti
on Wednesday said tariffs and political uncertainty hamper
growth, increasing production costs and inflation while
weakening economic resilience, addressing a meeting of G20
finance ministers in Cape Town, South Africa.
"Protectionism, barriers to trade and political uncertainty
threaten growth and global value chains, raising production
costs and inflation and weakening economic resilience",
Giorgetti said.
The meeting was dedicated to boosting cooperation to promote
macroeconomic growth.
"The global economy is dealing with slow growth, low
productivity and risks coming from elevated debt in many
emerging markets, from climate change and from demography.
"These scenarios are aggravated by the Russian invasion of
Ukraine, with possible increases in the prices of raw materials
and growing geopolitical and trade tensions".
According to the minister, "politics should balance support for
growth and fiscal sustainability, giving priority to efficient
spending and addressing resources towards high-impact
investments
As G20, concluded Giorgetti, "we must continue to monitor
economic risks and structural change, promoting dialogue on
these themes in line with the priorities proposed by the
presidency".
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