The BRICS leaders urged to collaborate to ensure the growth of the world economy

© RIA Novosti / Alexei Nikolskiye in Photobacterium of the Russian Federation Vladimir Putin during a joint photograph of the BRICS leaders. 26 July 2018The BRICS leaders urged to collaborate to ensure the growth of the world economy© RIA Novosti / Alexei Nikolskiye the image Bank

The leaders of the BRICS still see downside risks in the global economy, calling for coordinated policies to ensure sustainable and balanced growth, said in a joint Declaration signed by the leaders of the countries following the meeting in Johannesburg.

«We welcome the continued recovery of the global economy, noting that growth has become more uneven and that downside risks remain», — the document says.

In the opinion of the leaders, this is reflected in the number of issues, including increasing trade conflicts and geopolitical risks, volatility in raw material prices, high indebtedness of public and private sectors, inequality and lack of inclusive growth. «We realize that it is critical to ensure more inclusive distribution of the benefits between countries, derived from growth. We continue to stress the importance of favourable external conditions for sustainable growth of world trade», — stated in the Declaration.

It indicates that the economies of the BRICS countries continue to support the growth and development prospects of the world economy. «We are in favour of further coordinated use of fiscal, monetary and structural policy tools to ensure rapid, sustainable, balanced and inclusive growth,» the document says.

The leaders expressed concern about negative side effects from macroeconomic policies of a number of major developed economies, which can lead to economic and financial volatility in countries with emerging economies and adversely affect its growth prospects. «We urge the major developed and developing market economies to continue policy dialogue and coordination within the group of twenty, the financial stability Board and other forums to respond to these risks,» said the leaders.

The BRICS summit held on Thursday in Johannesburg. It will last until July 27. During the summit, BRICS leaders signed the Johannesburg Declaration at the end of 10 years of work of the organization. Signatures under the document was signed by Russian President Vladimir Putin, Chinese President XI Jinping, Prime Minister of India Narendra modi, President of Brazil Michel Temer and the owner of the current jubilee summit, the leader of South Africa Cyril of Ramaphosa.