The communique issued after weekend talks said an expected slowdown in world economic growth was likely to be modest, but its extent and duration was hard to predict.

“G20 members noted that downside risks to the near-term outlook have increased as a consequence of recent financial market disturbances,” the communique said.

“We were pleased to note the resilience of emerging market and other developing countries during the recent turbulence. While the likely slowdown in global economic growth is expected to be modest, its extent and duration remains difficult to predict,” the comminunique added.