G7 finance ministers to meet on Friday

G7 finance ministers to meet on Friday

The finance ministers and central bank governors of the Group of Seven industrial nations are set to meet at a summit on Friday.

The summit comes at a time when there is a rift on fiscal policy and currencies among G7 advanced economies and there is unlikely that a broad consensus is expected to be achieved at the meeting. Experts said that the G7 policy response to inflation and lower growth has not been very effective in the previous few years.

The finance ministers and central bank governors of seven member nations are set to meet in Sendai, northeast Japan. The group has sought advice from prominent academics, including Nobel Prize-winning economist Robert Shiller on ways to boost growth in their economies at an informal symposium ahead of an official G7 meeting.

Officials said that the participants in the symposium agreed that structural reforms combined with appropriate investment will help boost economic growth and not ort-term fiscal stimulus or monetary policy. If the group decides against short term stimulus, it would impact Japan's plan for an agreement on the need for coordinated fiscal action in order to boost global growth. Japan and the United States have been calling for fiscal stimulus but Germany has warned over risks of excessive monetary loosening.

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