G7 leaders vow action on economy, climate change

Group of Seven leaders on Friday expressed concern about the fragility of the global economy, pledging to address economic challenges, climate change and terrorism.

The leaders, including President Obama, who met Thursday and Friday in Ise-Shima, Japan, issued a statement following their summit vowing to embrace their "special responsibility to lead international efforts to tackle these challenges."

"Global growth remains moderate and below potential, while risks of weak growth persist," they said. "Escalated geo-political conflicts, terrorism and refugee flows complicate the global economic environment.

"The rise of violent extremism, terrorist attacks and other challenges, pose serious threat to the existing rule based international order, as well as to common values and principles for all humanity."

The leaders also reiterated their commitment to the global carbon emissions-reducing climate agreement struck last year in Paris.

Japan Prime Minister Shinzo Abe later said at a news conference that the world's developing countries are hurting from sudden declines in commodity prices, including oil, steel and various raw materials.

"The greatest risk is that there are some shadows beginning to be seen over the emerging economies," he said.

He warned that investment rates in emerging countries had plunged to lower levels than during the global financial crisis and said the world economy faces a risk of contraction.

Following the summit, Obama and Abe visited Hiroshima, Jtapan, marking the first visit by a U.S. president to one of the two cities hit by atomic bombs at the end of World War II.

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.