MOSCOW, Oct 14 (PRIME) – The G20 leaders should normalize their budget and credit policies as soon as possible to avoid global stagflation that roots in the application of stimuli disproportionate to the potential of economic growth, the Finance Ministry said in a statement on Thursday.
"The (Finance) Minister (Anton Siluanov) emphasized that he sees the risks of development of a stagflation scenario of the global economy. Inflation overshoots the target in 14 countries of G20 already, and inflationary pressure is unprecedented in many developed countries," the statement read.
Siluanov earlier participated in the final meeting of the finance ministers and central bank executives of G20 under the Italian chairmanship. The sides agreed on support of vulnerable countries, the rules of taxation of international groups of companies and on a green economy roadmap.
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