G7 leaders express concern over Emerging Markets

The Group of Seven (G7) leaders expressed concern over emerging market economies while meting in Japan.

Japanese Prime Minister Shinzo Abe, the host of the G7 meeting, drew the connection between emerging markets and the global financial crisis. Abe shared International Monetary Fund (IMF) data that show global commodities prices have fallen 55 per cent from June 2014 to January 2016, the same percentage as in 2008 in the aftermath of the Lehman Brothers collapse triggered the global recession.

Abe also assured the group that the indeed share perspective and concern on the risks to the global economy posed by the uncertainty in emerging markets.

"G7 leaders voiced the view that emerging economies are in a severe situation, although there were views that the current economic situation is not a crisis," said Deputy Chief Cabinet Secretary Hiroshige Seko.

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Read more at Reuters.