Kleinmond (South Africa), Nov 18 The world economic growth is likely to slow down modestly, according to a communiqué issued Sunday at the end of a two-day meeting of the Group of 20 (G20) countries here.

"The likely slowdown in global economic growth is expected to be modest, its extent and duration remains difficult to predict. G20 members welcomed the continued strong growth of the global economy in the first half of 2007 but noted that downside risks to the near-term outlook have increased as a consequence of recent financial market disturbances," it said.

The slower pace of growth is expected to moderate pressure on capacity and resources, and rising energy and food prices will remain an important resource of price pressures, said the communiqué.

The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain and the US.

The European Union is also a member, represented by the rotating Council presidency and the European Central Bank.

The G20 economies represent about two-thirds of the world's population and account for 90 percent of total global economic output.

Monetary authorities in G20 economies will assess the inflation outlook carefully in the light of both tight conditions in commodity markets and the downside risks to growth, it said.

Finance ministers and central bank governors agreed upon a shared responsibility involving steps to boost national saving in the US and further progress on growth-enhancing reforms in Europe.

The steps also include further structural reforms and fiscal consolidation in Japan, reforms to boost domestic demand in emerging Asia, increased spending consistent with absorptive capacity and macroeconomic stability in oil-producing countries.

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