The possibility of a ‘soft landing’ for the global economy has increased, but…

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Lerato Khumalo

The information was included in the final draft of the joint statement seen by Reuters.

World Bank forecasts released last month predict that the global economy will not see a third consecutive decline in growth following the pandemic.

“We are encouraged by the increasing possibility of a soft landing in the global economy, but various challenges remain,” the draft said, and is expected to be adopted today.

“Downside risks include war and escalating conflict,” the final draft states.

The draft does not mention Ukraine and Gaza, avoiding diplomats’ divergence of views between Russia and leading Western countries.

Meanwhile, G20 financial leaders have agreed to work on a “billionaire tax.” The statement aims to strike a balance between national sovereignty and greater cooperation in tax avoidance.

This declaration, which Brazil, which hosts the G20 summit this year, attaches importance to, includes the aim of “cooperating to ensure effective taxation of individuals with extremely high net worth, while respecting taxation sovereignty.”

But even if other countries support the declaration, they point out that it will be difficult to implement.