Abe cites sense of economic ‘crisis’

(May 30th, 2016) G7 Summit host Shinzo Abe, the Japanese prime minister, said he and the other leaders of the most important industrialized democracies share a strong “sense of crisis’’ about the global economic outlook. 

(From L-R) Sri Lanka's President Maithripala Sirisena, German Chancellor Angela Merkel, Chad President Idriss Deby Itno, U.S. President Barack Obama, Japan's Prime Minister Shinzo Abe, French President Francois Hollande and President of Indonesia Joko Widodo attend a family picture along with other world leaders during the final day of the Group of Seven (G7) summit meetings in Ise Shima, Japan May 27, 2016. REUTERS/Carlos Barria
(From L-R) Sri Lanka’s President Maithripala Sirisena, German Chancellor Angela Merkel, Chad President Idriss Deby Itno, U.S. President Barack Obama, Japan’s Prime Minister Shinzo Abe, French President Francois Hollande and President of Indonesia Joko Widodo attend a family picture along with other world leaders during the final day of the Group of Seven (G7) summit meetings in Ise Shima, Japan May 27, 2016. REUTERS/Carlos Barria

G7 leaders wrapped up a summit in central Japan by, among other statements, vowing to use “all policy tools” to boost demand and ease supply constraints.

“Global growth remains moderate and below potential, while risks of weak growth persist,” they said in a declaration. “Global growth is our urgent priority.”

Mr. Abe referred to current parallels to the global financial crisis that followed the 2008 Lehman Brothers collapse.

“The most worrisome risk is a contraction of the global economy,” led by a slowdown in developing nation economies, he told reporters after chairing the two-day summit. “There is a risk of the global economy falling into crisis if appropriate policy responses are not made.”