Washington: Finance ministers and central bank chiefs from the Group of 20 major economies warned of emerging downside risks to the global economy at their two-day meeting in Washington that ended Thursday. South Africa, the chair of the meeting, published a chair's summary after the finance chiefs failed to adopt a joint statement for the first time in two meetings.

According to Philippines News Agency, the summary stated that members "emphasized the importance of strengthening multilateral coordination to address existing and emerging risks to the global economy." Factors such as trade tensions, disruptions to global supply chains, and ongoing wars and conflicts "could raise risks to financial and price stability," the summary noted.

The issues discussed should be addressed through multilateral coordination "in a way that contributes to an open global economy and without compromising sustainable global growth," the summary added. On the second day of the meeting, participants addressed the impact of US-China trade frictions and financial regulatory reform on the global economy.

While many countries voiced worries over the economic outlook, the Japanese government expressed strong concern over China's tighter restrictions on rare earth exports. Bank of Japan Governor Kazuo Ueda told a press conference after the meeting that the global economy has so far shown resilience, but continues to face high uncertainty and complex challenges.