G-20 nations say growth short of expectations; remain confident recovery will gain speed

Economic IndicatorsAssociated Press

Finance officials from the world's leading economies say global growth has fallen short of their expectations but remain confident that the global economic recovery will gain speed.

Ending a two-day summit in the Turkish capital Ankara, finance ministers and central bank governors from the Group of 20 leading economies promised Saturday to take "decisive action" to keep economic recovery on track.

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The meeting was held at a time of heightened uncertainty over the global economy spawned by slow growth in China, increased market volatility and concern over a looming U.S. interest rate increase.

Turkey's Deputy Prime Minister Cevdet Yilmaz said however that G-20 members believe China would continue to achieve a 7 percent growth rate.

Yilmaz said: "This is something that will appease concerns."