G7 Leaders Pledge Collective Action On Sagging Global Growth

SHIMA, Japan (AP) — The leaders of the Group of Seven rich economies pledged Friday to "collectively tackle" major risks to global growth, including direct political threats to the international order from terrorist attacks, violent extremism and refugee flows. Meeting at a seaside resort with expansive views of a scenic bay and emerald-green islands, G-7 leaders wrapped up their annual summit Friday in central Japan claiming a "special responsibility" for leading international efforts to cope with those challenges. The wording of the leaders' declaration glosses over differences on the issue of fiscal stimulus by saying each will take into account "country-specific circumstances" in committing to stronger policies to support their economies. While Japan is moving toward more public spending, and the likely postponement of a sales tax increase next year, to revive faltering growth, its own gross public debt is more than twice the size of its economy. The summit declaration also highlighted joint efforts on corruption, cybercrimes, terrorism, global health and migration — which has become a huge headache especially for European nations — as other top priorities.

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